Fundamentals:
The Chairman of the U.S. SEC may thoroughly reform the rules for cryptocurrency brokers, potentially abolishing and rebuilding the current framework that allows brokers to act as custodians of digital assets. He also indicated that they are considering allowing hedge funds to self-custody crypto assets. This statement is favorable for large funds to participate directly in the crypto market, which is expected to boost liquidity and trading volume. At the same time, it will also combat the phenomenon of "compliance arbitrage," posing a threat to existing custodial institutions and enhancing market trust. In the short term, this may lead to fluctuations in certain cryptocurrencies and platform tokens, especially those related to custody concepts, which may see significant declines.
Following the successful deployment of the Pectra upgrade, Ethereum core developers have shifted their focus to the next major upgrade, "Fusaka," planned for launch by the end of 2025, aimed at reducing the operational costs of Layer 2 scaling solutions and validators.
Technical Analysis:
BTC: The daily trend overall maintains a fluctuating upward trend, with the K-line still above the lower blue trend line. It is currently in the adjustment phase after the third wave of upward movement, and the market is entering a phase of adjustment in the short term, with important support to watch at the 98 level this week. On the 4-hour chart, the market has been fluctuating in the 103-105 range in recent days, with a high of 1058 yesterday followed by a pullback, resulting in three consecutive bearish candles, breaking below the recent high's fluctuation box bottom at the 103 level. The short-term market is expected to enter an adjustment phase. For intraday operations, key resistance to watch above is at the 1028-1038 level, while key support below is at the 1008-998 level!
ETH: The daily level saw a high of 2600 in the past two days before pulling back, forming a double-top pattern. Today, it continues to adjust, with Ethereum entering a phase of adjustment in the short term, which aligns with expected trends. Overall, it still maintains a bullish trend; this is just a pullback in the upward process, facing selling pressure in the 2600-2800 range. The market is expected to undergo a phase of adjustment to form a new support level for a future breakout above 2800 and a push towards 3050. From the 4-hour chart, there have been multiple highs at 2600 followed by pullbacks, with the 2400 level being the low point in the last three days. Starting from the 1800 level, support was formed at the 2280 level during the upward process. In the short term, the bottom position for Ethereum's adjustment is yet to be established, with key levels to watch at 2350-2280, waiting for a new bottom point to confirm a buying opportunity. For intraday operations, key resistance to watch above is at the 2460-2490 level, while key support below is at the 2380-2350 level.
Altcoins: It was clearly mentioned yesterday that altcoins are expected to enter a phase of adjustment. While the upward trend remains unchanged, a normal adjustment space is about 20-30%, which will form a new bottom position for the next wave of upward movement, creating new buying opportunities. In the past two days, altcoins have followed Ethereum's trend, with multiple highs followed by pullbacks, and today they continue to decline, currently showing a solid bearish candle. In the short term, altcoins still have room for a 20% pullback, and after the adjustment ends, a clear bottom position will emerge, at which point one can refer to Ethereum's stabilization to grasp new buying opportunities in altcoins!
He Yue: It was clearly mentioned yesterday to pay attention to the resistance at the 1058 level above Bitcoin, and the highest point yesterday coincided with this level, while key support below is at 1023, with the trend generally aligning with expectations. The Ethereum levels also generally align with expected trends, and it was clearly stated that altcoins would enter appropriate adjustments this week, with a collective pullback today. For intraday short-term operations, focus on the analysis from the reports above, currently holding XRP and Ethereum.
The cryptocurrency market is highly volatile; exercise caution when entering the market. This is a personal opinion and not advice, for sharing purposes only.
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