Krutika Adani
As Bitcoin provides leadership, several cryptocurrencies have regained their key support levels.
Ethereum remains bearish, below $2.5k, possibly due to high sales from Grayscale ETH Trust. The trust has sold $2.6 billion worth of Bitcoins in the last two and a half months.
Top cryptocurrencies like Bitcoin, Solana, XRP, Shiba Inu, and others have seen a revival above their bull market support levels.
The CMC Fear and Greed Index still points at 37, which is still in the bearish zone. As long as the index remains below 50, markets are expected to behave hesitantly.
The recovery might sustain as long as the large-cap cryptocurrencies remain above their key support levels. Otherwise, markets could crash to the lows of late 2023.