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๐ฅ ETHDenver 2025: Could It Be the Catalyst for Ethereumโs Rebound?
ETHDenver, the largest Ethereum event, kicks off tomorrow (February 23 - March 2) amid high anticipation, especially following the $1.4 billion Bybit hack on February 21, which added selling pressure to the market.
๐ Updated Outlook: ๐ธ Short-term: Selling pressure may persist due to the Bybit crisis, with Ethereum potentially dropping to the $2,200 - $2,350 range (as shown in the chart).
๐ธ During the event: If major announcements emerge, such as technical upgrades or new projects, Ethereum could rebound towards $3,200 - $3,500.
๐ธ Mid-to-long-term: Despite lagging behind its targets, Ethereum remains bullish on higher timeframes, still aiming for $7,000 in this cycle.
โก Our Take: Ethereum has a strong support base, but competition from Solana and the Bybit crisis have impacted its momentum.
๐ Bitcoin Dominance (Left Chart): ๐ธ A clear breakout from the triangle pattern, supporting further upside towards 63.4% as the first target. ๐ธ A continued increase in dominance puts more pressure on altcoins.
๐ USDT Dominance (Right Chart): ๐ธ Still trading within a consolidation zone, but breaking above 4.7% could push it toward 5.3%. ๐ธ A rise in USDT dominance suggests increasing liquidity in Tether, potentially signaling selling pressure on altcoins.
โ ๏ธ Conclusion: ๐น Bitcoin dominance is trending upward, which could weigh on altcoins. ๐น If USDT dominance rises alongside BTC dominance, it may indicate risk aversion among traders. ๐น Weโll monitor the market reaction and keep you updated! ๐ฅ
Formed a double bottom pattern, and itโs essential now to maintain the level of 1.5 to target the neckline at level 2. If a breakthrough occurs and holds above it with a daily closing, we directly target the $3 level.โ
The first scenario is a breakthrough and daily closing above 70,500, after which we expect a move towards the 90,000 level.
The second scenario is a failure to break through. In that case, we anticipate a correction to levels between 52,000 - 56,000. If this occurs, it will be a very good opportunity to continue positioning.
Sooner or later, after halving, we expect Bitcoin to reach the 90,000 levels.