▫️#BTC (daily chart). The price action of the asset has been consolidating within a Symmetrical Triangle for 11 days now. I believe a breakout is imminent. At the time of writing, the price has retraced from the 0.382 Fibonacci correction level ($43,000), a break above which will likely send the asset towards the upper boundary of the pattern. According to CoinGlass data, over the past month, the most liquidity has accumulated around the $43,600 mark, followed by $41,600.
Therefore, I expect an initial false breakout of the triangle with Bitcoin rising towards $43,600 – $44,000. This movement will likely liquidate some short positions, after which the instrument will retreat towards the 0.5 Fibonacci correction level ($41,200). A price dip to the 100-day Exponential Moving Average (EMA) at $40,800 is possible. From this area, I anticipate a reversal in price action with an upward impulse towards the resistance level at $45,500.
▫️#ETH. The upward momentum took the asset to the $2,395 level, where selling pressure intensified. In the short term, a decline in Ethereum towards the $2,340 – $2,350 range is probable.
▫️Over the last 48 hours, the total value of funds locked in the EigenLayer restaking protocol has doubled, surpassing $4 billion. This influx of funds comes amid the lifting of deposit restrictions.
This action pushes towards the eventual removal of restrictions in the coming months. EigenLayer is a new protocol built on Ethereum that implements restaking mechanisms – the reuse of #ETH at the consensus level. Users staking assets on the main network or through liquid staking platforms can now connect to EigenLayer and reuse their funds for additional profit.
The project has attracted over $64 million from leading funds such as Blockchain Capital, Coinbase Ventures, Polychain Capital, and others. Notably, in January, Binance’s venture arm announced investments in Puffer Finance, a liquid restaking protocol built on EigenLayer.
In my view, this news indicates increasing interest and trust in restaking protocols overall. The growth in the total value of locked funds in the EigenLayer protocol, along with significant investments from major funds and companies, suggests that such platforms are becoming increasingly attractive to investors and users. This may be due to a growing awareness and understanding of the potential benefits of this new mechanism, such as increased profitability.
▫️Altcoins: The possibility of brands using NFTs to reward audiences in the second version of Access Protocol (#ACS) led to a 50% increase in #ACS (to #USDT).
A review article about the game Heroes of Mavia (#MAVIA) on the Decrypt portal increased the value of #MAVIA by 35% (to #USDT).
The update of the project roadmap for RSS3 (#RSS3), anticipating the mainnet launch in the first quarter of 2024, caused a 16% increase in #RSS3 (to #USDT).
▫️Major Wall Street indices closed Tuesday’s trading session higher due to strength in the commodities, healthcare, and consumer goods sectors. At the close on the New York Stock Exchange, the Dow Jones rose by 0.37%, the S&P 500 index increased by 0.23%, and the NASDAQ Composite index grew by 0.07%.
▫️The overall market capitalization decreased by 0.2% over the past day, with the dominance of the main cryptocurrency decreasing by 0.15%. Ethereum against Bitcoin shows strength and is recovering faster than the main cryptocurrency. This increases the chances of a rebound across the market in the near future before a local correction.