Major coins traded mixed on Sunday evening as investors digested the news of softening U.S. economic data.
|Cryptocurrency||Gains (+/-)||Price (Recorded 9:30 p.m. EST)|
What Happened: Ethereum has been on an upward trend after the Shanghai upgrade, hitting its highest price point in 11 months. It saw a significant surge in value after enabling its first-ever crypto withdrawals from the blockchain’s staking mechanism, with the price surpassing $2,000 in fresh enthusiasm for the success of the upgrade. Ether’s value has continued to rise, gaining momentum over the past five days and reaching a fresh high of $2,141 on Sunday.
At the time of writing, the global crypto market capitalization stood at $1.27 trillion, down slightly over 0.09% over the last day.
U.S. stocks tumbled on Friday amid a lackluster retail sales report that had dampened investor optimism over the strong start to corporate earnings. The S&P 500 fell by 0.21% while the Nasdaq lost 0.72%.
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News Highlights: Solana SOL/USD was up 5% in the last 24 hours, and its performance this week can be attributed to the recent launch of Saga, a cutting-edge Android phone fueled by the Solana blockchain. Since its release on April 13, Saga has made it effortless for users to tap into Solana’s vast array of apps and projects.
Analyst Notes: Edward Moya, senior market analyst at OANDA said, “Bitcoin and Ethereum are breaking out here. Bitcoin has recaptured the $30,000 level, a pivotal level that was an entry-level for many institutional investors in 2021. Ethereum is above $2,100 after a successful Shanghai upgrade. Ethereum is now fully Proof-of-Stake and this milestone did not trigger a sell-the-news type reaction.”
Crypto analyst Michael Van de Poppe said the increasing stability of Bitcoin is setting the stage for a surge in the altcoin market. The analyst also notes that Ethereum has regained investor confidence. He poses a similarity between the 2019 and 2023 cycle and said: “there’s more confidence now through #Ethereum and Q2 was also a great quarter in 2019.”
Pseudonymous analyst Dave the Wave said Bitcoin’s price has been exhibiting a symmetrical pattern in the past few years, trading in a wide range between 2021 and 2023. “If the symmetry continued, BTC pushing to ATHs (all-time highs) this year, which would still only reach the middle of the LGC channel. For those objecting to the use of ‘IF,’ please realize that critical and speculative TA (technical analysis) is not clairvoyance. TA maps out the risk to both sides.”
According to the well-known pseudonymous analyst, Rekt Capital, the current #BTC retest is precisely what they were discussing. At present, Bitcoin is successfully retesting the $30,536 level, which is the top of the Bull Flag price that broke out just a few days ago. “Hold here would be a good contributing sign for continuation.”