Anticipation Surrounds the Upcoming White House Crypto Summit
The cryptocurrency community is eagerly looking forward to the inaugural White House Crypto Summit scheduled for March 7. This event is anticipated to shed light on the proposed crypto reserve that U.S. President Donald Trump announced on March 2. Initially, the reserve was said to include Bitcoin, Ether, XRP, Solana, and Cardano. However, the inclusion of centralized altcoins alongside Bitcoin has drawn criticism from various quarters. U.S. Commerce Secretary Howard Lutnick indicated in an interview that Bitcoin is poised to hold a distinct status within the nation’s crypto reserve. In a market note dated March 5, Matt Hougan, chief investment officer at Bitwise, asserted that the U.S. crypto reserve will predominantly consist of Bitcoin and could be larger than many expect. He also suggested that other countries may soon follow the U.S. lead in establishing their own crypto reserves.
Cryptocurrency Price Movements Post-Announcement
Following the announcement, prices for the proposed cryptocurrencies initially surged but later experienced a significant pullback. To better understand the current market dynamics, analysts are examining weekly charts to identify the levels at which upward trends may commence.
Bitcoin Price Insights
Bitcoin experienced a rebound after a recent downturn, showing resilience as the bulls managed to keep the price above the 20-week exponential moving average, which currently stands at $90,664. This indicates active support from buyers at lower price levels. The bulls are now aiming to push the price past the significant psychological threshold of $100,000. Achieving this could pave the way for a test of the previous all-time high of $109,588. Should the bulls succeed, the BTC/USDT trading pair might surge to $138,000. Conversely, if the price fails to maintain above $100,000, it could signal a potential reversal, prompting a decline toward the 50-week simple moving average, currently at $75,543.
Ether Price Overview
Ether has established a trading range between $2,111 and $4,094. Recently, the price dipped below $2,000, but the long tail on the candlestick suggests some buying interest at lower levels. However, a weak rebound from the $2,111 mark raises concerns regarding dwindling demand, heightening the risk of a breakdown below this support level. Such a move could indicate a short-term peak for the ETH/USDT pair, potentially leading to a downtrend towards $1,500 and subsequently $1,075. Buyers need to push the price above the moving averages to maintain the current range, with a climb towards the upper boundary at $4,094 being critical. A breach of this level could trigger a rally toward $4,868 and ultimately target $6,077.
XRP Market Analysis
XRP has been consolidating within an upward trend following a sharp rally. The XRP/USDT pair has fluctuated between $2 and $3 for several weeks, reflecting a fierce contest between buyers and sellers. While sellers are defending the upper resistance, buyers are capitalizing on support levels. The longer the price remains within this range, the stronger the eventual breakout is likely to be. A decisive close above $3 would signal a bullish resolution of the range, potentially allowing the price to rally to $4 and $5. Conversely, a downturn breaking below $2 could suggest that the pair has reached a medium-term peak, increasing the risk of a decline to $1.50.
Analysis of Solana’s Price Movement
Solana reached a new all-time high on January 19, but this proved to be a bull trap, resulting in a corrective phase as traders took profits. The bulls are expected to fiercely defend the support zone between $120 and $110. Should they succeed, this could establish $110 as a new baseline. However, bears are likely to resist any upward movement towards the 20-week EMA at $190. If the price declines from this resistance, it may oscillate between $110 and $190 for a period. A break below $110 could lead to a drop to $80. A significant sign of bullish strength would be a close above the 20-week EMA, with resistance at $205 likely to be tested. A successful breach could lead to a rally towards $260, where strong selling is anticipated. Buyers would need to secure a strong close above $260 to indicate the commencement of a new upward trend.
Cardano’s Market Position
Cardano has remained below the $1.25 mark since early 2022, but there are signs of a possible resurgence from the bulls. If buyers can push the price above $1.25, the ADA/USDT pair could gain momentum. Typically, such a breakout from a prolonged consolidation phase can lead to significant upward movement. The pair may face minor resistance at $1.64, but this level is expected to be surpassed, potentially allowing for a climb to $2.38. On the other hand, if the price remains under $1.25, short-term traders who bought at lower levels might take profits, which could drive the price down to the 50-week SMA at $0.59, a critical support level. A rebound from this SMA could encourage bulls to attempt to reach $1.25 again, possibly resulting in a range-bound period between the 50-week SMA and $1.25.
Disclaimer
This article is not intended as investment advice or recommendations. Every investment and trading endeavor carries inherent risks, and readers are encouraged to conduct their own comprehensive research before making any decisions.
