Cryptocurrency Market Recovery Driven by Bitcoin Momentum
The cryptocurrency market is experiencing a strong recovery, led by Bitcoin’s high momentum rally. Bitcoin has sustained its price above $50,000, which has uplifted the altcoin market. This recovery can be attributed to the increasing inflow in Spot Bitcoin ETFs, reflecting the growing adoption of digital assets in traditional markets.
According to On Chain data tracker Lookonchain, 8 Bitcoin ETFs collectively added 12,073 BTC ($590M) on Tuesday. Meanwhile, Grayscale experienced a minor decrease of 1,147 BTC ($56M). Notably, iShares (BlackRock’s subsidiary) made a significant addition of 7,497 BTC ($366.5M), and Fidelity contributed 3,039 BTC ($148.5M).
If the demand pressure from Bitcoin ETFs continues, it may provide suitable entry opportunities for altcoins like Ethereum (ETH), Solana (SOL), and BLUR.
Ethereum Price Rally and Development of Spot Ethereum ETF
The price of Ethereum, the second-largest cryptocurrency, is steadily rising alongside Bitcoin. It has seen a 26% increase within three weeks. The ETH price has gained additional momentum due to the development of a Spot Ethereum ETF.
Franklin Templeton recently filed for an Ethereum exchange-traded fund (ETF), joining major players like BlackRock, Fidelity, Ark, and others who have made similar applications. This filing indicates a growing interest in Ethereum and blockchain technology.
The Ethereum price broke through resistance at $2,700 and may rise further to $3,051 and $3,275 if the breakout is sustainable.
Solana Price Close to Massive Breakout
Solana’s price has experienced a notable resurgence in the broader market recovery. It has bounced back from the 38.2% Fibonacci retracement level, gaining 47% over three weeks. Solana Mobile also announced that its new Solana smartphone received 100,000 preorders in under 30 days, demonstrating increasing interest and confidence in blockchain technology.
The SOL price is advancing towards the cup and handle pattern’s neckline resistance at $124. Overcoming this pattern could lead to a target of $250.
BLUR Price Rally Set by Flag Pattern
BLUR token’s price has formed a bullish Flag pattern, indicating a period of consolidation before a higher rally. On February 13th, the BLUR price broke out from the pattern’s key resistance trendline, signaling a continuation of the recovery trendline.
Under the influence of this chart pattern, BLUR is expected to reach potential targets of $0.815 and $1. However, there may be temporary corrections after hitting overhead resistance at $0.735 and $0.905.
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