Cryptocurrency Price Analysis: The cryptocurrency market continues to ride an aggressive recovery mode led by a high momentum rally in Bitcoin. With an intraday gain of 3.15, the BTC price showcased its sustainability above $50000, which uplifted the altcoin market for further growth. The Bitcoin’s Fear & Greed Index at 79% reflects an extreme greed sentiment from market participants.
This recovery is likely attributed to the increasing inflow in Spot Bitcoin ETF reflecting the increasing adoption of digits assets in the traditional market.
In a recent highlight from On Chain data tracker Lookonchain, the 8 Bitcoin ETFs collectively added 12,073 BTC ($590M) on Tuesday, while Grayscale experienced a minor decrease of 1,147 BTC ($56M). Notably, iShares (BlackRock’s subsidiary) made a significant addition of 7,497 BTC ($366.5M), while Fidelity contributed 3,039 BTC ($148.5M).
Feb 13 Update:
8 ETFs added 12,073 $BTC($590M) today while #Grayscale only decreased 1,147 $BTC($56M).
#iShares(#Blackrock) added 7,497 $BTC($366.5M) and #Fidelity added 3,039 $BTC($148.5M).https://t.co/LmnSl15KiW pic.twitter.com/uzK8Q5m8KK
— Lookonchain (@lookonchain) February 13, 2024
If the demand pressure from Bitcoin ETF continues to persist, altcoins like Ethereum (ETH), Solana (SOL), and BLUR may provide suitable entry opportunities.
Also Read: Breaking: Bitcoin Tops $51K With Ethereum Surpassing $2.7K, Here’s Why
Is the Ethereum Price Rally Heading to $3000 in Feb?
Ethereum Price| Tradingview
The second largest cryptocurrency Ethereum is steadily rising in tandem with Bitcoin showcasing a 26% jump within three weeks. However, other than the broader market influence the ETH price has picked up additional momentum surrounding the development of Spot Ethereum ETF.
On February 12th, Franklin Templeton officially filed for an Ethereum exchange-traded fund (ETF), as revealed in a recent submission to the Securities and Exchange Commission (SEC). This development adds them to a growing list of major players, including BlackRock, Fidelity, Ark, 21Shares, Grayscale, VanEck, Invesco, Galaxy, and Hashdex, all of whom have made similar applications in Q4 2023.
Van Eck, ARK, Hashdex, BlackRock, Fidelity, Grayscale, and Invesco have filed their Spot #Ethereum ETF applications in Q4 2023.
Franklin Templeton has joined the race and filed for a Spot Ethereum ETF.
The rotation towards $ETH is closer than we think.
— Michaël van de Poppe (@CryptoMichNL) February 12, 2024
With an intraday gain of 4.3%, the Ethereum price pierced through the last swing high resistance of $2700, signaling the continuation of the recovery trend. If the breakout is sustainable, the ETH coin may rise to an overhead resistance of $3051, followed by $3275.
Also Read: Ethereum Gas Fees : Did Someone Pay Transaction Fee of 42 $ETH?
Here’s Why Solana Price Is Close to Massive Breakout.
Solana Price| Tradingview
Amid the broader market recovery, the Solana price has experienced a notable resurgence, bouncing back from the 38.2% Fibonacci retracement level towards the end of January.
This positive momentum propelled the coin’s value by 47% over the span of three weeks, bringing its current trading price to $115. Further energizing this upward trajectory, Solana Mobile announced via its official X platform page that the new Solana smartphone garnered 100,000 preorders in under 30 days, showcasing the growing interest and confidence in blockchain technology across the market.
100,000 preorders in less than 30 days
We’re floored by the demand and truly grateful for the overwhelming support
Now that we’ve hit this milestone, the Founder Window & preorder price of $450 will close in 48 hours. Your chance to join is now!
https://t.co/nYR9apGGIT pic.twitter.com/9L224igXcL
— Solana Mobile 2⃣ (@solanamobile) February 12, 2024
With a daily increase of 2.64%, the SOL price is steadily advancing towards the cup and handle pattern’s neckline resistance at $124. Overcoming the pattern’s barrier, which has been in formation for over two years, could significantly alter the market’s landscape, setting Solana on a path to potentially reach a target of $250.
Also Read: Solana Price Prediction As Bullish Pattern Sets Next Leap to $134
Flag Pattern Sets BLUR Price Rally to $1
BLUR Price| Tradingview
In the daily time frame chart, the BLUR token price shows the formation of a bullish Flag pattern. This chart pattern acts as a period of consolidation for buyers to revive their strength for the higher rally.
On February 13th, the BLUR price gave a decisive breakout from the flag pattern’s key resistance trendline, signaling the continuation of the recovery trendline. The 8.9% jump today with a notable volume spike provides a suitable follow-up to the recent breakout.
Under the influence of this chart pattern, the BLUR is set to chase two potential targets of $0.815, and $1.
However, the recovery won’t be unidirectional as the coin price may enter temporary correction after hitting overhead resistance at $0.735 and $0.905.
Related Article: Crypto Prices Today: Bitcoin Sustains 49K, PEPE & XRP Dip As PYTH Rallies 15%
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