It’s interesting to see that despite good inflation numbers, the market didn’t pump. Here’s what’s happening with the different cryptocurrencies:
BTC is holding strong in the 30k range and showing strength for continuation, but on a bigger picture, it still shows a bearish picture, and there’s still a possibility of a bigger drop before the next push up. BTC dominance is holding, so ALTs may make a pump.
ETH didn’t make a big sell-off after the Shanghai upgrade, and the price is holding strong. It’s showing strength and may pump up to the $2000 long target.
XRP is consolidating at 0.5$ and needs to hold it for the next push up. It’s good for small longs with a target of 0.6$.
LINK is still consolidating under 7.4$ and waiting for the market to move up. It’s a good spot buy for the long term.
SOL had some bullish news after FTX announced that it will start working again, leading to a pump in FTT and SOL. It’s currently holding at resistance at 24.2$, and it needs to break it for the next leg up.
DXY dropped more after the good inflation data, and it’s now holding at psychological support at 101. It needs to hold it before the next leg down.
Crypto/stock daily news:
The widely anticipated Shapella (or Shanghai) upgrade has finally arrived.
What’s happening? This will mark the end of Ethereum’s transition to Proof of Stake. Ethereum users will finally be able to unstake their ETH and claim staking rewards.
So what? Let’s look at the short-term and long-term impacts…
Short Term: Many think the Shapella upgrade will lead to a massive sell-off once users unstake their ETH. Some users have been staking since December 2020 and may want to take back control of their ETH. 2+ years of marinating a stake sounds pretty tasty…
But here’s why we aren’t too worried:
Only 15% of Ethereum’s total supply is currently staked
A limit of ~$100M can be withdrawn each day because of how the withdrawals process works
Only 30% of ETH stakers are currently in a profit position
With a small percentage of stakers in the green, we think it’s highly unlikely there will be a big sell-off following the Shapella upgrade.
Long-term: More ETH being staked will make the blockchain more secure. Those who have already staked will also be able to stake elsewhere, offering flexibility to holders and decentralizing the network further.
Shapella is a big upgrade. And everyone knows big upgrades can lead to big, unforeseen problems.
Blockchains are a lot like your house – you fix your kitchen sink and the next thing you know, you have a leak in your bathroom.
Luckily the Ethereum developers have gone through multiple tests before the big day. If all goes well with the upgrade and there are no problems with withdrawals – it could give assurance to more users & institutions to join in.
We’re wishing nothing but the best to the homie Vitalik and the rest of the Ethereum developers.
BTC is holding strong above 30k and need to hold it on weakly time frame to become mega bullish.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
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