As a seasoned crypto investor with a few bear market survivals under my belt, I’m keeping a close eye on this week’s FOMC meeting. The potential impact of the Fed’s words on markets cannot be overstated, especially for Bitcoin and the altcoins that could fly if the news is good.
Bitcoin currently finds itself at a pivotal point. The upcoming Federal Open Market Committee (FOMC) meeting is scheduled for this week, and any remarks made by the Fed could significantly influence financial markets. If the Fed’s statements prove favorable on Wednesday, Bitcoin may experience a substantial upward trend. Furthermore, Ethereum ($ETH), Solana ($SOL), and Binance Coin ($BNB) are poised to follow suit and potentially surge alongside Bitcoin.
When Bitcoin failed to break through the peak of its bull flag for the fourth consecutive attempt, it may have caused anxiety and uncertainty among altcoin investors. However, institutions that value altcoins with strong foundations view this as an opportunity to acquire these assets at lower prices from hesitant sellers.
$ETH could surge back to $4,000
Among all the alternate cryptocurrencies, Ethereum (ETH) holds the largest market capitalization, trailing behind Bitcoin alone. Intelligent investors recognize this trend and anticipate the imminent approval of Spot Ethereum Exchange-Traded Funds (ETFs). Soon enough, trading these ETFs will be an option for all.
As a researcher studying the Ethereum price trends, I can observe from the daily chart that the current price of $ETH hovers around a robust support level at approximately $3,700. Should the price drop, the next support levels are located at $3,300 and $3,000, with a range between $2,900 to $3,000.
If the inflation figures released on Wednesday align with predictions and Federal Chair Powell avoids overly hawkish comments during his speeches, the cryptocurrency market might experience a boost, potentially driving Ethereum’s price back up towards $4,000.
$SOL at strong support
Solana currently holds a strong stance in the market. On larger charts, the price of $160 continues to serve as a support level. Should any favorable developments unfold this week, we can anticipate Solana’s price re-entering the descending triangle. A breach above the downward-trending line would significantly boost the prospects for further bullish expansion.
$BNB building price structure for move higher
As an analyst, I would rephrase it as follows: Among the three altcoins under consideration, $BNB is leading the way with the most significant advancements. Its previous record-high price of $691 has been surpassed, paving the way for new price explorations. However, prior to reaching this new territory, $BNB is currently undergoing consolidation and constructing a solid foundation.
As a crypto investor, I see potential for the price to rebound from its current level at $644 and potentially reach even greater heights. Alternatively, the price could construct a more defined pattern as it hovers around key support levels. The BNB price, on the other hand, is experiencing a notable uptrend against Bitcoin, making it a strong area of interest for potential investments.
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2024-06-10 14:55