As of 11:22 am IST, the world’s largest cryptocurrency was up 0.52% over the past 24 hours at $114,603. Ethereum slipped 0.61% to $4,152. XRP, BNB, Solana, Tron, and Dogecoin dropped by nearly 1% whereas Hyperliquid and Cardano advanced up to 1%. The overall cryptocurrency market capitalisation declined by 0.9% to $3.91 trillion, according to CoinMarketCap.
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Edul Patel, CEO of Mudrex, said that the dollar weakness in the current economic setup is pushing investors towards assets like crypto, supporting upward momentum. However, investors should remain cautious during the shutdown, as it becomes difficult to read the economy and predict the Fed’s next move, which might lead to short-term uncertainty in the market.
“For now, Bitcoin must breach the resistance at $114,750 to sustain the buying pressure. If not, we could see a move towards the $112,200 support levels before a relief rally,” Patel added.
Though ETH is recovering after a sharp drop, the short-term momentum appears bullish, and the current price is still below all major trendlines, suggesting selling pressure.
Harish Vatnani, Head of Trade, ZebPay, while sharing the technical analysis of Ethereum, says that ETH/USDT is recovering after a sharp drop, trading around 4,199 USDT. The short-term momentum appears bullish, but the price is still below all major descending trendlines, suggesting resistance and selling pressure remain significant.
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Market perspective
Parth Srivastava, Head of Quant, 9Point Capital’s Research Team
Bitcoin has held firm at key support, suggesting the immediate downside has been absorbed. After this rebound, price action is likely to consolidate as the market digests recent moves and positions reset. Range-bound trading could dominate in the near term before the next decisive breakout sets the tone for direction.
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