Ethereum faces an uphill battle against selling pressure despite strong demand. The altcoin market navigates a correction phase, with Cardano and Litecoin seeking their footing amidst ETF developments and market volatility.
Ethereum is experiencing strong demand but faces significant selling pressure . The altcoin market is currently in a correction phase, needing a substantial 10% increase to stabilize above $1.35 trillion market capitalization and avert further downward pressure. Ethereum 's price rebound following last week's sharp decline offers a glimmer of hope, but its trajectory remains vulnerable. Last week's buying interest at $2,100 shows potential, but the current price level needs to regain momentum.
Ethereum's downward trend accelerated after losing support at $3,300 earlier in the year, with the Fib 0.786 support at $2,735 becoming crucial after the $3,000 support was breached. The decline slowed around $2,600 last week, making the $2,735 level vital once again. For Ethereum to recover, it needs to close daily above $2,735, potentially targeting the Fib 0.618 value near $3,000, a key level for reversing the trend. Failing to reclaim $3,000 during a bullish phase could further accelerate the downtrend. Achieving a weekly close above $2,735 is the initial step towards recovery. If selling pressure persists, and ETH closes daily below this level, the downtrend may extend towards $2,300, filling the gap from last week's rapid decline.Cardano (ADA) also witnessed market value fluctuations influenced by recent developments. While the inclusion of ADA in Grayscale's other major ETF applications is seen as positive, its past classification as a security by the SEC might complicate the approval process. Despite this, ADA's price action suggests a potential recovery if it regains the $0.88 support level. This would put ADA in positive territory, exceeding short- and medium-term EMA values. In a bullish scenario, ADA could aim for $1.2 and potentially continue towards $1.4-$1.6. On the downside, $0.77 acts as the initial support level. Losing this support could lead to a retest of the $0.67 mark, invalidating the bullish outlook. Litecoin (LTC) has also seen a rebound, driven by momentum from LTC-based ETF applications and Nasdaq's application to list LTC ETFs. Technically, Litecoin maintained its key psychological support at $100 during last week's decline, consolidating between $100 and $135. As Litecoin approaches the $135-$140 resistance area, a potential breakout could target the $145-$155 range in the short term. If Litecoin fails to break above $135, it may continue fluctuating within its consolidation zone. On the downside, $120 serves as initial support, with potential declines towards $110 and $100 if breached
Ethereum Altcoins Market Correction ETF Applications Cardano Litecoin Selling Pressure Recovery Support Levels
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