Impact of Israeli Conflict on Crypto Market
Israeli Conflict Leads to Crypto Market Dip
The ongoing conflict in Israel has had a significant impact on the cryptocurrency market, resulting in a 0.54% decrease in overall valuation. This has affected various altcoins, including Ethereum (ETH), Ethereum Classic (ETC), Polygon (MATIC), and Solana (SOL). Interestingly, Bitcoin’s market dominance has slightly increased by 0.02%.
ETH Faces Crucial Juncture
Ethereum (ETH) experienced a setback as it fell below the $1,645 threshold. It encountered resistance at $1,755, making the current situation crucial for the cryptocurrency. If ETH manages to reclaim its previous position, it could potentially face bullish pressure and reach $1,880. However, failure to regain momentum may result in further decline to $1,555. The daily Moving Average Convergence Divergence (MACD) line indicates a possible bearish trend.
ETC’s Potential Breakout
Ethereum Classic (ETC) shows a symmetrical triangle pattern, suggesting the possibility of a breakout. If ETC breaks below the lower boundary of the triangle, it could drop to $14.25. On the other hand, closing above the $15.85 resistance level within 48 hours could lead to an upward breakout, potentially surpassing $17.00.
MATIC’s Uncertain Outlook
Polygon (MATIC) currently faces uncertainty, with the risk of falling below the $0.5500 mark in the next 24-48 hours and potentially dropping to $0.4970. However, if it manages to stay above this support level for three days, increased seller activity may trigger a strong rebound.
SOL’s Consolidation Phase
Solana (SOL) has been trading within a consolidation channel between $22.20 and $25.55 since breaking above the lower level on October 1st. If SOL breaks above $25.55 and maintains bullish pressure, it could climb as high as $29.30. Conversely, 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 may lead to a fall to $19.35.
The current geopolitical situation in Israel highlights the interconnectedness of digital assets and their susceptibility to volatility in response to international events. The impact on the cryptocurrency market serves as a reminder of the dynamic nature of these assets and the need for careful analysis in uncertain times.
