Weekly Analysis of BTC, ETH, and Altcoin Markets, April 8, 2024

Over the past week, Bitcoin has exhibited a steady uptrend. As of April 8, the BTC price hovers close to its all-time high, touching the $72,700 mark. 

The prevailing sentiment suggests that the upward trend is likely to continue, buoyed by optimistic news regarding significant BTC accumulation by institutional funds and the impending halving event, which is expected to deter miners from selling Bitcoin at lower prices.

If the market does not show enough strength to reach a new ATH, Bitcoin might see a pullback to the support levels between $63,700 and $65,700, which have already seen tests twice in the last month. The market's reaction to these levels will be critical in determining the potential for a deeper correction, with seller targets possibly extending down to $61,276 and the $54,400–$57,000 range.

Ethereum (ETH)

This past week, Ethereum once again found strong buyer interest at the $3,040–$3,200 support zone, which helped pivot its price back into an upward trajectory.

Ethereum's continued ascent is partly contingent upon Bitcoin maintaining its bullish momentum. Should this occur, ETH is expected to breach and stay above the $3,590–$3,675 resistance zone, potentially aiming for targets at $3,840 and $4,093.

A downturn for ETH remains a less likely scenario. However, should Bitcoin undergo a correction, ETH might retrace to its recent low of $2,700.

Ripple (XRP)

In the past 2 days, XRP has seen a notable increase in trading volumes, suggesting a bullish outlook. The price is currently testing the resistance zone at $0.610–$0.628, with breaking through this range appearing as the more likely scenario.

If successful, the next objectives for buyers would be at $0.65–$0.676 and then at $0.700. XRP's further growth remains dependent on Bitcoin's market movements due to their strong price correlation.

A correction could be triggered if XRP falls below the support zone of $0.56–$0.58, with the next support level positioned at the local minimum of $0.53.

Tron (TRX)

TRX has been following its unique trajectory, largely independent of the broader cryptocurrency market's trends. In March, the token experienced a correction, with its price dropping by 24% from $0.14 to $0.11. 

Currently, TRX is on the brink of resuming its upward momentum, as the market has shown resistance to letting Tron fall below the $0.11 mark. 

Should the asset manage to solidify its position above the resistance range of $0.123–$0.126 soon, it could aim for the two-year high of $0.144, with no significant resistance levels in sight beyond this point.

Internet Computer (ICP)

ICP has been holding above the support zone of $16.2–$17.2 for the past two weeks, a level it has tested four times. This area has proven to be robust, making the continuation of the asset's growth the favored scenario. 

The next resistance zone is identified at $18.3–$19.05. Should ICP break through, the target for buyers would be to reach new highs above $20.96. 

Conversely, a downturn could be triggered if ICP settles below its current support range, potentially leading to a correction toward the support area of $13.3–$14.5.

Render (RNDR)

RNDR saw a correction that led the asset to the support zone of $8.80–$9.45, eliciting a significant response from buyers. The asset's next direction is likely to be influenced by the resistance zone of $10.0–$10.5. If buyers can sustain the price above this level, the subsequent goals would be reaching $11 and $12. 

If a correction occurs, RNDR might fall to a local low below $9 and extend the retracement toward the $7.52 support level.

BTC Dominance, Altcoin Season Index, and Fear and Greed Index

Over the last week, the Bitcoin Dominance Index rose by 1%, now totaling 54.58%. This increase is attributed to the sustained upward movement in the BTC chart, with altcoins lagging behind Bitcoin's growth pace.

Economic News for the Week Ahead

This week will see updates on several crucial macroeconomic indicators, including:

• The Consumer Price Index, which serves as a measure of inflation in the U.S. (Wednesday, April 10); 
• U.S. Crude Oil Inventories (Wednesday, April 10);
• U.S. Initial Jobless Claims (Thursday, April 11).

These developments play a key role in shaping the pricing of goods and services and could impact the overall dynamics of not just the stock market but the cryptocurrency market as well. Caution is advised when engaging in trading activities around these dates.

Check out GN Crypto for the latest cryptocurrency rates and chart analysis.

Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from GN Crypto: