Weekly Analysis of BTC, ETH, and Altcoin Markets, April 15, 2024
An overview of BTC, ETH, SOL, AVAX, APT, ARB charts, and the current cryptocurrency market dynamics.
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Bitcoin (BTC)
On Saturday, April 13, Bitcoin experienced a notable correction, dropping 10% within a four-hour window. This sharp decline was largely attributed to panic selling, triggered by escalating military tensions between Iran and Israel. Furthermore, the downturn was exacerbated by the latest U.S. Consumer Price Index release, which came in below expectations, indicating a rise in inflation and casting a shadow over Bitcoin’s market value.
Bitcoin has now somewhat stabilized and is trading within the resistance zone of $66,200 to $67,900. For the correction to end, buyers need to break through this threshold. Should this occur, Bitcoin is poised to swiftly resume its upward trajectory, targeting the $71,000–$72,700 range, with the potential to surpass its previous all-time high of $73,778.
However, if the buying momentum weakens, there is a risk of continued declines. Under such circumstances, Bitcoin could revisit support levels at $61,276 and potentially drop further to $54 400–$56 900.
BTC H4 Chart
Ethereum (ETH)
The correlation between BTC and ETH charts remains strong, so the Bitcoin downturn also adversely affected Ethereum. On April 13, the second-largest cryptocurrency fell by 14%, marking a new local low at $2820.
Since then, Ethereum has rebounded from the $2810–$2978 support zone and is now trading within the sellers’ range of $3207–$3327. To regain upward momentum and potentially reach $3512, buyers must navigate past this resistance zone.
If Bitcoin's correction persists, Ethereum may also experience further declines, potentially targeting the $2480–$2620 support zone, where it could set new local lows.
ETH H3 Chart
Solana (SOL)
Similar to many altcoins, Solana felt the impact of Bitcoin's sudden downturn on Saturday. The SOL token dropped 24% within a few hours, testing the support range of $116–$130.
Since that dip, the price has shown some recovery, and buyers are now working to elevate the asset to the resistance level of $162–$172. This range is crucial for potentially continuing the upward trend and aiming to revisit its ATH.
However, if Bitcoin's slide persists, SOL could face a further decline, potentially dropping to around $105, and testing the psychologically significant $100 mark.
SOL H3 Chart
Avalanche (AVAX)
Avalanche has experienced a significant setback since April 12, with its price falling 35% to a local low of $29.26, erasing gains and reverting to levels seen at the outset of 2024 when the bullish trend was just beginning. Now, Avalanche faces the challenge of recovering the ground it gained over the past four months.
The crucial resistance now stands between $40 and $44. If buyers can firmly establish themselves above this range, AVAX could potentially resume its ascent.
Conversely, a deepening correction could lead to a retest of the current support zone, with a risk of falling even further to around $25.
AVAX H3 Chart
Aptos (APT)
The downturn in Aptos's price isn't just a reaction to Bitcoin's recent struggles; the asset has been undergoing a prolonged correction for three weeks, plummeting 62% since March 26.
At present, APT is fluctuating between the support zone of $7.35–$8.50 and resistance at $10.00 to $10.75. To end the downward trend, the price must consolidate above this resistance on significant trading volumes and then clear the $12.18 threshold.
Failing to do so may lead to a continuation of the decline, with sellers potentially pushing the price down to $7—a low not seen since December 2023.
APT H1 Chart
Arbitrum (ARB)
Arbitrum's market trajectory bears similarities to Aptos's recent performance. After peaking at over $2.4 in January 2024, ARB has since retracted by 64%. Just a few days ago, the token set a new low at $0.85, and between April 12 to 14, it dropped an additional 36%.
Currently, Arbitrum is trading near a resistance zone of $1.25–$1.36. Should buyers manage to exert enough force to break through this area, the next resistance level to watch would be around $1.56.
However, it's more plausible that ARB might continue to oscillate within the sideways range between support at $0.85–$1.00 and resistance at $1.25–$1.36, providing a period for the price to stabilize and for buyers to accumulate sufficient positions to outpace sellers.
ARB H1 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
In the wake of a significant decline in altcoins over the past two days, the Bitcoin Dominance Index has surged to a three-year high of 57.03%, though it has recently adjusted slightly to 55.34%. This trend highlights a substantial flow of liquidity towards Bitcoin and indicates a current disinterest in altcoins among investors.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index stands at 41 points, a modest increase from the 25 level it dipped to just two days ago. This suggests that there has been no significant growth in alternative cryptocurrencies and that investor focus remains predominantly on Bitcoin.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index is currently at 74 points, placing it in the “Greed” category. Notably, even the sharp drops in cryptocurrency values over the last couple of days have not curbed the enthusiasm for owning digital assets, showing that trader interest is still strong.
Fear and Greed Index. Source: coinstats.app
Economic News
This week will see the release of several key macroeconomic indicators:
- Retail sales in the U.S. (Monday, April 15);
- A speech by Fed Chair Jerome Powell (Tuesday, April 16);
- U.S. crude oil inventories (Wednesday, April 17);
- U.S. existing home sales (Thursday, April 18).
These events, while not directly related to the crypto market, could influence the volatility of the U.S. dollar and, consequently, could trigger reactions in the cryptocurrency space.
Check out GNcrypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
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.
Abbreviations
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.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
- TOP 5 Useful Chart Analysis Tools on TradingView
- How Are Trading Volumes Useful in Cryptocurrency Analysis?
- Candlestick Patterns: Types and How They Work in Trading
- The Most Popular Chart Patterns for Crypto Trading
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