🚨🚨Hello crypto banter community 🚨🚨🚨
Cryptocurrency markets are facing renewed selling pressure as a whole in February, thanks to comments from the Federal Reserve. However, cryptocurrencies have entered a sideways trend and could be poised for a breakout. In this article, we'll take a look at cryptocurrencies other than Bitcoin that could do well in the coming weeks. In 2024, invest like the big funds from the comfort of your home with AI-powered ProPicks stock picker. Learn more here>> Cryptocurrency markets started February on a negative note after showing signs of recovery last week. Some cryptocurrencies have faced intense downward momentum, partly due to comments made by the Federal Reserve yesterday, which contributed to an overall pessimistic outlook. The upcoming release of non-farm payrolls data tomorrow adds an element of uncertainty, which could lead to increased market volatility. If employment data indicates a softening labor market, that could temporarily ease pressure in risk markets, as the Fed takes labor market conditions into account in its interest rate decisions. This week, external factors greatly affected the cryptocurrency markets, especially in light of the support that Bitcoin received after the introduction of exchange-traded funds (ETFs). At the same time, the top ten altcoins were strengthened. After resisting selling pressure in the past two weeks, these cryptocurrencies could be preparing for a breakout. Ethereum: Can Bulls Break the $2,365 Level? Ethereum has found support again at this point after testing the $2,200 level last week in a correction that began after a general 3-month uptrend. The $2,200 level, which formed the bottom of the range movement during the December consolidation, will continue to be followed as strong support for Ethereum. _______________________________________ ETH price chart This level also coincides with the three-month moving average and remains acting as a support area that must be protected to prevent correction expansion. In the upper zone, we have seen the $2,365 level acting as the nearest resistance price this week. If Ethereum can find support at current levels for the rest of the week, a daily close above $2,365 will become important. A potential technical breakout could lead to a rapid rise in Ethereum. Since the Stochastic RSI located above the resistance level reflects bullish potential, it is expected that Ethereum price will start moving above the short-term uptrend again. With a potentially positive outlook, we could see Ethereum exceed the January peak of $2,600 and quickly rise towards $2,800. In the lower zone, if the $2,200 level is broken with a daily close, we could see Ethereum falling towards the $1,950-2,080 range, this time with selling pressure.
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