Ethereum + Altcoins Technical Analysis
Bitcoin has rebounded back above $43,000 in recent days, recovering some of its losses from earlier this year. However, the cryptocurrency still faces macroeconomic headwinds that could limit further upside in the short term. With inflation remaining stubbornly high and the Fed's policy path unclear, Bitcoin may struggle to gain significant momentum ahead of the Fed's pivotal March meeting. According to technical analyst Jacob, the key level to watch is $44,000 - if Bitcoin can break above and hold this level, it could signal the start of a renewed bull run. For now, traders appear to be in wait-and-see mode.
Ethereum Gets a Boost Amid Growing Adoption
Ethereum, the second largest cryptocurrency, has been holding up well amid the recent market turbulence. The price pumped 3% this week, holding around $2,380. Driving Ethereum's resilience is growing adoption - Robinhood recently added support for Ethereum-based tokens, making it easier for its users to access the ecosystem. Meanwhile, the launch of Ethereum domain name service ENS is further boosting utility. According to analysis, Ethereum could run up to test resistance around $2,500 if it can break above the $2,400 level.
Solana Outage Fails to Shake Investor Confidence
Solana's impressive uptime streak came to an end this week with a network outage. However, the price has held up well, actually gaining almost 3% on the day. This suggests continued faith in Solana's long-term potential despite the hiccup. With Solana still in an overall bullish trend, technicals point to a potential move towards $104-$106 if the current support around $97 holds. The network congestion that contributed to the outage could actually be seen as validation of Solana's growing adoption.
Nvidia Powers Higher as Broader Tech Stays Strong
Graphics chip maker Nvidia has been on a tear in recent weeks, gaining nearly 20% this week alone. The stock has shown incredible relative strength compared to the broader market. However, Nvidia faces some uncertainty around the Fed's policy outlook. If rate hikes are delayed, tech stocks could see a pullback this summer. For now, Nvidia remains in a firmly bullish technical trend, leaving traders unwilling to bet against continued momentum. But the March Fed meeting presents a near-term risk that could finally derail Nvidia's parabolic rise.
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