The crypto traders’ optimism grew exponentially, and the price of the cryptocurrencies appreciated drastically, as there was some good news brewing. From the approval of crypto ETFs to the easing of tariffs, there is a lot of positivity rippling through.
REX Shares and Osprey Funds’ Solana ETF was approved yesterday, with the possibility of other crypto ETFs like XRP, Litecoin having a 95% chance of being approved, according to Bloomberg analysts.
In addition to this, U.S. President Donald Trump announced that imports from Vietnam to the U.S. will be levied at only 20%, a reduction from the 46% charged previously. All these positive sentiments seemed to have seeped into the investor, and it has reflected on the crypto prices.
BTC gains 2% while ETH and DOGE gain 3X and 4X
Following these events, Bitcoin reached almost $110K from $107.3K, and it is currently trading at $109.4K, after gaining almost 2% in the last 24 hours, with a trading volume of $55.5 billion, up by 23% in the last 24 hours.
The altcoins joined the bandwagon, performing better than BTC. Ethereum and Dogecoin, in particular, were putting on a class act. ETH reached $2.6K after gaining more than 6% in 24 hours, while the memecoin gained almost 8% hitting $0.174.
ETH bulls fight to negate the bear flag
Despite Ethereum reaching above $2.5K after almost 5 months, the token is still trading inside a bearish flag. Since the last week of June, ETH has been fluctuating inside the bear flag, and the pattern could continue, as the indicators do not show any extreme condition. The Relative Strength Index, which measures the gains and losses as a ratio, reads a value of 57. This goes on to say that the market is quite neutral as the buying and selling pressure cancel each other out.
Once the pattern is complete, ETH could break down and reach $2,127. However, the buyers may do their best to defend the support 1 level close to $2.4K.
According to Coinglass on-chain metrics, the Open Interest (OI) has spiked from $20 billion to $35 billion. This shows that traders are opening more positions with ETH, and as such, the demand could increase the prices, and the bear flag could be invalidated. Moreover, the long/short ratio is positive, and this shows that more people are hopeful of price gains.
Dogecoin struggles with dwindling buying momentum
DOGE is trading within a bearish rising wedge. With the price touching the upper trendline, the Bollinger Bands have signalled overbought conditions. Talking about the narrowing wedge, it suggests weakening bullish momentum. When the bulls push the prices higher, the bears contract and tighten the range, and this makes the wedge narrower. Eventually, the bears may overpower the bulls and take over the market.
If DOGE breaks out conventionally, the prices may fall drastically to $0.15, given that the 50-day EMA below $0.164 doesn’t cushion the memecoin’s fall.
