State of the Crypto market

Top Tokens Update

• Ethereum Developers Consider Splitting ‘Pectra’ Upgrade: Ethereum developers are contemplating dividing the highly anticipated Pectra upgrade into two parts due to the numerous priorities and complexities involved. Initially set to be Ethereum’s biggest hard fork, some developers argue that splitting it could mitigate risks associated with implementing too many changes at once. This decision may ultimately prove positive for ETH’s future, as it allows for more manageable updates and enhancements.
• Sui Network TVL Reaches Record High, SUI Price Jumps 30%: On September 19, the total value locked (TVL) on the Sui Network hit a record $810.5 million, while the SUI token surged over 30% in the past week. This growth represents a 283% increase year-to-date, despite earlier market fluctuations. The TVL indicates rising interest in Sui’s DeFi offerings, with all leading protocols showing gains.
• Solana Breakpoint Event Unveils Key Announcements, Including Franklin Templeton Partnership: At the 2024 Solana Breakpoint event in Singapore, Franklin Templeton announced plans to launch a mutual fund on the Solana network, allowing institutional and retail investors to invest in Solana through the asset manager. This follows last year’s Breakpoint, which featured the testnet launch of Firedancer, Solana’s new validator, resulting in an 80% surge in SOL. The current event highlights Solana’s growing ecosystem and aims to foster further innovation and investment.

“Big Picture: Upcoming Weeks’ Key Economic Events”

Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”

Bitcoin Technical Analysis

Summary:

• The current sentiment around BTC is Bullish.
• This week, BTC experienced solid gains, aligning with insights from our previous reports. The key driver was the Fed’s 50 basis point interest rate cut, which has positively influenced price action. Currently, BTC’s performance looks healthy in higher time frames, with a significant chance of breaking the six-month consolidation phase and reaching new all-time highs in the coming weeks. For next week, BTC could target the $66-67k range.
• Key support levels to consider are around $61500 and $60400. On the upside, resistance levels is at $65000 & $67000.
• It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
• For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.

Ethereum Technical Analysis

Summary:

• The current sentiment around ETH appears bullish.
• This week, ETH delivered returns comparable to BTC, with its technicals also appearing bullish. However, for a longer-term upward trajectory, ETH needs to reclaim the crucial $2800 level. For the upcoming week, ETH looks poised for bullish movement, especially as BTC dominance has experienced a pause.
• Significant support levels include $2385 and $2190, while resistance levels to watch are at $2550 and $2800.
• These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.

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