ETH creeps up on key level, what will it take to break through resistance?
📈 ETH nears $4,000 - Ethereum continues its steady climb, gaining 3.4% overnight and approaching a key psychological level.
🚀 Altcoin boost - Optimism (OP) surged over 16% as broader altcoin momentum picks up.
📊 Bitcoin RSI rebounds - Bitcoin’s RSI bounced back to 50 after nearing oversold levels late last week.
📅 Big week ahead - All eyes on Wednesday’s Fed interest rate decision and the release of the US Crypto Report.
Ethereum (ETH) keeps on giving as it inches towards the $4,000 key price level, last seen during the rally earlier this year. The original smart contracts crypto has added another 3.4% to its price overnight, pulling along many others. Some like Optimism (OP) are seeing outsized gains, rallying by more than 16% overnight. While Bitcoin’s moving along at a more modest pace, the Bitcoin Relative Strength Index (RSI) has bounced back to 50 after dipping close to oversold territory (30) late last week, signalling a return of investor interest.
In macro news, it’s a big week for economic and crypto events. The Fed will release their latest interest rate decision on Wednesday, with the broader market expecting a continued pause on rates until the September meeting. On the same day, the US government is expected to release their highly anticipated Crypto Report. Will it prove to be a catalyst for markets as it has in the past?
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.95 trillion, down 1.23% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $118,908, down 0.64% in the last 24 h
Daily high: $119,754
Daily low: $117,914
📈 S&P 500 ↗️
SPY is currently up about 0.4% since yesterday’s close.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 67/100, indicating Greed among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 50, in neutral territory.
Data is accurate as at 08:01 GMT, 28 July.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
