The appetite for risk in the cryptocurrency markets is increasing again, and the price of Bitcoin (BTC) has risen above $52,000. This is achieved despite negative developments. We are in a period that is the exact opposite of what we experienced during the crash in November 2022. The only difference is that while FTX was collapsing back then, today we are seeing over $600 million in net inflows to spot Bitcoin ETFs in a single day.
Ethereum (ETH)
Bull and bear markets are periods of opposite and extreme events. Transition periods, as we have experienced in the past, are extremely frustrating. Yesterday the trend was downward with intermittent rallies. Today, however, the trend is upward, and instead of bankruptcies, we are receiving good news and seeing investors increase their risk in anticipation of the halving.
So, what does the current situation and expectations indicate for Ethereum specifically? As of the writing of this article, the largest altcoin by market value is finding buyers at $2,761. After breaking through the $2,400 resistance, the price gained momentum and now should return to $3,000.
Bulls overcame the $2,717 resistance on February 14th and are now more clearly targeting the psychological resistance zone of $3,000. If bears fail to pull the price below $2,600, this tough resistance could be tested; otherwise, a drop to $2,462 is possible.
Solana (SOL)
Bulls successfully defended the key $107 region, signaling an important test. SOL Coin price is now in the $116 area. The peak test above $150, which we have been writing about for weeks, could be approaching. There is a weak resistance at $117, and breaking above it could extend the rally to the first target of $135.
However, closes below $107 could result in a lower high from the last rally. In this case, SOL Coin price has the potential to drop to the strong support at $80.
Binance Coin (BNB)
CZ accepted a billion-dollar fine to save his company, even at the expense of his own chair, and handed over his duties to Teng. CZ, who in the past triggered major price movements with his success in community leadership, is no longer present. Teng has not yet reached the same position in the community, at least for now. BNB Coin is therefore a bit weaker.
We saw strong buying demand after the last drop to $314. BNB Coin price is now just below the $338 resistance, and if it breaks through, it could target levels between $360 and $400. In the opposite scenario, we could see a drop to the $288 support level.
These bottom support targets could be triggered this week by potential BTC overselling. Whether the king cryptocurrency will undergo a correction will determine this.
