As Bitcoin grapples with maintaining its $107,000 benchmark, the cryptocurrency market is poised for a weekend filled with caution. Investors are primarily concerned about the growing confusion surrounding tariffs, which is creating waves of anxiety across the cryptocurrency landscape. Key coins like Solana, Ethereum, and Chiliz find themselves at a critical juncture. What are the potential directions for these investments as these turbulent times persist?
Can Ethereum Surpass Its Long-Standing Threshold?
At the beginning of the trading session, Ethereum briefly climbed above $2,700, but concerns arose as U.S. stock indices commenced trading. The prized cryptocurrency retreated to $2,644 as the overall market volume experienced a slight decline to $128 billion. While Bitcoin suffered a 4% decrease, Ethereum managed to hold its ground without substantial weekly losses.
The ETHBTC pairing, which has been in a downtrend for about three years, saw a positive shift starting May 8. Although the pair continues to grapple with consolidation, it consistently challenges the 0.02559 level. Any breakthrough beyond this point could pave the way towards an altcoin-friendly 0.03396BTC zone, though investors might need to exercise patience as they await these developments.
Will Solana and CHZ Overcome Current Hurdles?
In the coming months, June’s tariff negotiations, combined with the appeals process, could heighten tensions further. President Trump’s negotiating strength is reportedly undermined by the U.S. judicial system, and any face-saving agreement could potentially offer a boon for digital currencies.
For Ethereum, reclaiming the $2,362 support is pivotal. The prominent $2,745 level, repeatedly tested in 2024, remains elusive. A successful breach here could establish $3,079 as a new support, with prospects of escalating to $3,450 and $4,000. While these targets are clear, actual progress hinges heavily on tariff negotiations, necessitating patience from altcoin investors hoping for significant market moves within the year.
• Solana stands firm at $168; failure to hold $172 may lead to declines toward $125.
• CHZ needs a surge in market enthusiasm for genuine growth; $0.039 remains a crucial test level.
• Cryptocurrency strategies should remain adaptable amid fluctuating tariff developments.
The broader cryptocurrency market’s outlook remains uncertain as these coins navigate unsteady waters. Attention will be focussed on tariffs and political developments that might influence market psychology, alongside careful monitoring of crucial price points for Ethereum, Solana, and Chiliz.
