Weekly Analysis of BTC, ETH, and Altcoin Markets, April 29, 2024

Bitcoin (BTC)

BTC has seen little change from the previous week, trading between a support level of $60,700 and a robust selling zone ranging from $65,900 to $67,900. Buyers have struggled to break through this range, resulting in a sideways movement. 

The market remains clouded with uncertainty, which may persist until a defining fundamental catalyst appears. Should a negative trigger occur, the asset price might drop to a new buyer’s zone between $54,500 and $57,000. 

Conversely, in a bullish scenario, Bitcoin could surpass the current resistance zone and test the $71,000–$72,700 range, potentially setting a new all-time high.

BTC H4 Chart

Ethereum (ETH)

Last week, Ethereum tried to secure a position above the $3,240–$3,365 resistance zone but was unsuccessful due to Bitcoin's decline and their high correlation. 

ETH continues to fluctuate between the support zone of $2,810 to $2,975 and the previously mentioned resistance range. If Bitcoin begins to ascend again, Ethereum might also rise, potentially reaching $3,512. 

However, if Bitcoin falls below $60,000, ETH could hit a new local low within the support range of $2,480 to $2,620.

ETH H4 Chart

Arbitrum (ARB)

ARB has yet to recover from its drop on April 12, triggered by a temporary escalation in the military conflict between Iran and Israel. For two weeks, the token has been trading in a broad sideways pattern between the support zone of $0.85 to $1.00 and the resistance zone of $1.25 to $1.36. 

Unless Arbitrum can breach this seller’s range, the possibility of a bullish trend reversal remains slim. Overall, ARB buyers are markedly weak, contributing to the token’s continued price decline.

ARB H4 Chart

Polkadot (DOT)

DOT is currently trading within a broad sideways pattern, with its price oscillating between a support zone of $6.17 to $6.52 and a resistance zone of $7.16 to $7.55. For DOT to advance and challenge the next tier of seller resistance at $8.13 to $8.60, it would require significant trading volumes and a strong upward momentum. 

Currently, this scenario seems quite unlikely. More realistically, the price may continue to decline, potentially testing the lower support level of $5.70.

DOT H4 Chart

Uniswap (UNI)

UNI has yet to recover from its significant correction that began on March 7, resulting in a 55% decline over two months. Presently, the coin has found some stability and has been trading sideways between a support zone of $5.90 to $6.70 and a resistance range of $8.20 to $9.20. 

Should the buyers rally, UNI could reverse its local downtrend and potentially test the $11 resistance level. However, this optimistic scenario would require a notably positive backdrop in the market, particularly around BTC. 

Without such a catalyst, UNI is likely to remain stagnant until a significant fundamental shift occurs.  

UNI H4 Chart

Aptos (APT)

APT, like many altcoins, is stuck in a prolonged period of flat trading, with its price fluctuating between the support zone of $7.35 to $8.50 and the resistance area of $10.00 to $10.75. Below, Aptos has another significant support level at $7, characterized by a high concentration of buyer orders. If the downward trend persists, this price point could serve as the next support level. 

For Aptos to reverse its local trend and ascend, it would need to break through the existing resistance and reach the higher seller's level of $12.13. Achieving this would be a formidable task, requiring a price increase of approximately 50%, which would likely only occur during a local altcoin season—a development too significant to overlook.

APT H4 Chart

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

Over the past week, the dominance of Bitcoin has slightly declined, currently standing at 54.62%. This significant figure indicates a continued lack of interest among buyers in purchasing alternative cryptocurrencies.

BTC Dominance Index. Source: tradingview.com

The Altcoin Season Index stands at 37, further emphasizing investors' focus on buying and accumulating Bitcoin rather than diversifying into altcoins.

Altcoin Season Index. Source: blockchaincenter.net

The Fear and Greed Index is currently at 67, categorized as “Greed.” This suggests that despite the prevailing uncertainty in the cryptocurrency market, there is still a strong investment appetite among buyers.

Fear and Greed Index. Source: coinstats.app

Economic News

This week will see the release of key macroeconomic indicators, including:

• The U.S. Consumer Confidence Index (Tuesday, April 30);
• The Federal Reserve's decision on interest rates and crude oil inventories (Wednesday, May 1);
• The number of initial jobless claims in the U.S. (Thursday, May 2).

These developments could have a substantial effect on cryptocurrency volatility and the likely trends in the weeks ahead. Consequently, it might be wise to either hold off on active trading or mitigate risks in advance.

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