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Crypto Market Prediction: After experiencing a significant rally last week, the cryptocurrency market has entered a phase of relative stability, characterized by lateral movements across various digital currencies. Bitcoin, the leading cryptocurrency, is maintaining its position above the $42,000 mark, aiming to establish a solid foundation for potential future gains. An upward trajectory by Bitcoin could reignite the recovery momentum within the altcoin sector, presenting traders with fresh opportunities for long positions.
Furthermore, there’s a mixed yet optimistic picture in a concise overview of the current state of Bitcoin ETFs, derived from insights shared by the renowned crypto trader @invest_answers. The Fidelity Bitcoin ETF ($FBTC) faced its second-weakest performance on Day 16th. The downturn for Grayscale Bitcoin Trust ($GBTC) has further decelerated, indicating that its most challenging period may have passed. The introduction of nine new ETFs has played a pivotal role in mitigating the impact of Grayscale’s sales, even drawing additional investments. Smaller ETFs are on the rise, marking a significant uptrend in investor interest. The cumulative net inflow into these new ETFs has impressively reached $1.6 billion, contributing to a total of over $7.53 billion.
🧵BITCOIN ETFs Day 16🧵
ETF's still thundering along
BAD NEWS
1) $FBTC #Fidelity had 2nd weakest day yetGOOD NEWS
1) $GBTC slowed even more… worst is well over
2) 9 New ETF's sucking all Grayscale dumpage in and more
3) Smaller ETFs picking up steam
4) Cumulative 1.6BN… pic.twitter.com/TxBRSDcykT— InvestAnswers (@invest_answers) February 3, 2024
In light of the optimistic trend, investors closely monitor altcoins such as Ethereum (ETH), Dogecoin (DOGE), and SUI.
Will the Ethereum (ETH) Price Surpass $2700 In Feb?
Ethereum (ETH), the leading proof-of-stake ecosystem, has experienced a notable increase in buying interest at $2170 monthly support, just above the crucial 50% retracement threshold. This pivotal foothold spurred a 6.1% increase in the Ethereum price, pushing it to $2300 amid a favorable shift in market sentiment.
However, the path to further recovery faces a challenge with a resistance point of $2400. The anticipation surrounding Ethereum’s upcoming Dencun upgrade, particularly with the Holesky testnet scheduled for February 7, 2024, as the final preparatory step, maintains a bullish outlook.
A successful test launch could inject further optimism, potentially overcoming resistance levels at $2390 and the 50% retracement of the last correction at $2410.
Surpassing these barriers may pave the way for a 10% price surge, targeting the last swing resistance of $2700.
Dogecoin (DOGE) Price Escape From Consolidation Hints 22% Jump Ahead
DOGE, the native token of the largest meme cryptocurrency Dogecoin is underperforming in the broader market recovery, with its sideways action. For over a month, the DOGE price has been resonating between the $0.087 and $0.0753 levels, reflecting no initiation from bulls or sellers on this asset.
However, as per a recent insight from on-chain analytics firm IntoTheBlock, Dogecoin has witnessed the creation of over 890,000 new addresses within just the past week. This significant uptick in Dogecoin’s network activity is further underscored by an impressive adoption rate, with 86% of these new users engaging in transactions shortly after their initial setup.
Over 890.000 new Dogecoin addresses were created in the past 7 days. Activity also spiked, with the new adoption rate reaching as high as 86% as the new users made their first transactions.
🔗https://t.co/sVl5CEGkou pic.twitter.com/0LxATAEGaO— IntoTheBlock (@intotheblock) February 1, 2024
This trend underscores a growing enthusiasm for DOGE, marking a notable period of expansion and increased transactional activity for the cryptocurrency.
If a positive outlook bolsters a breakout from overhead $0.087 resistance, the Dogecoin price will gain a suitable springboard to drive a 22% rally to hit $0.106.
Morning Star Pattern Sets SUI Price for 12% Surge Amid Market Volatility
Amid the ongoing volatility within the cryptocurrency market, the SUI token experienced a notable rally, peaking at $1.65 before undergoing a correction.
This correction saw the token’s value decrease by 13.7% over a week, establishing a new higher low at $1.387. Currently, SUI is trading at $1.49, having encountered significant buying interest at the previous swing resistance level of $1.43. This interest resulted in a 4.3% intraday increase, laying the groundwork for what appears to be a bullish reversal pattern known as the morning star.
This pattern suggests a potential change in momentum, indicating that buyers may be regaining strength after a period of exhaustion. Should this bullish sentiment persist and the minor retracement serve to rejuvenate the bullish momentum, there is a possibility that the SUI price could witness a 12% increase in the forthcoming weeks, potentially reaching $1.69.
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