The ongoing conflict in Israel impacted the cryptocurrency market today, leading to a 0.54% drop in overall valuation. The situation affected various altcoins, including Ethereum (ETH), Ethereum Classic (ETC), Polygon (MATIC), and Solana (SOL), while Bitcoin's market dominance witnessed a marginal rise of 0.02%.
ETH faced a setback today as it fell through the $1,645 threshold after encountering resistance at $1,755. It now faces a crucial juncture. If ETH manages to reclaim its earlier position, it could potentially experience bullish pressure pushing it towards $1,880. However, if it fails to regain momentum, there is a risk of further decline to $1,555. The daily Moving Average Convergence Divergence (MACD) line suggests a possible bearish trend.
ETC's technical analysis reveals a symmetrical triangle pattern indicating a potential breakout. If ETC breaks below the triangle's lower boundary, it may drop to $14.25. Conversely, if it closes above the $15.85 resistance level within 48 hours, the coin could experience an upward breakout and potentially surpass $17.00.
MATIC is currently on shaky ground, facing the risk of falling below the $0.5500 mark within 24-48 hours and potentially dropping to $0.4970. However, if it manages to stay above this support for three days, increased seller activity may trigger a strong rebound.
SOL has been trading within a consolidation channel between $22.20 and $25.55 since breaking above the lower level on Sunday, October 1st during an accumulation phase. If SOL breaks above $25.55 and maintains bullish pressure, it could climb as high as $29.30. On the flip side, if it experiences a breakout below the consolidation channel due to a bearish crossover of the daily Relative Strength Index (RSI) line with the RSI Simple Moving Average (SMA) line, it might fall to $19.35.
The current geopolitical situation in Israel and its impact on the cryptocurrency market underscores the global interconnectedness of these digital assets and the volatility they can exhibit in response to international events.
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