The launch of the Ethereum ETF coincided with the most powerful drop in the Nasdaq index in months. The #crypto market lost 3.5% in the last 24 hours, pulling back at one point to $2.3 trillion, its lowest in 10 days.

#Bitcoin is down to $64.0K, once again approaching the 50-day MA where it consolidated for most of last week. There are small hopes that the first cryptocurrency will gain support near this level. However, this week could be just the beginning of a decline from the upper boundary of the BTCUSD downtrend channel. The important test of strength will be in the $60K area, a major milestone and the 200-day MA level.

#Ethereum is already testing the 200-day MA, having lost over 9% in less than 24 hours to 3150. In early July, the major altcoin steadily gained support after touching this curve. However, these purchases could be largely credited to the expectations of the ETF launch. Now, this speculative factor is out of play, multiplying sell-the-fact activity on top of global markets risk-off.

#Crypto market rallied 3.4% overnight to $2.4 trillion, taking advantage of the mixed performance of US indices, with the Russell2000 and Dow Jones up and the Nasdaq100 and S&P500 down. It's not a full recovery, but it's the second bounce in a week from just under $2.31 trillion.

#Bitcoin rose 4.4% over the last 24 hours to $67.0K, taking the crypto market with it. It bounced off the 50-day MA and continued to gain strength on Friday. This is an indication of the strength of the bulls, who have managed to defend the medium-term uptrend. At current levels, bitcoin has returned to the upper boundary of the descending channel formed in March.

#Ethereum is finding support near its 200-day MA, which also demonstrates the bulls' desire to keep the coin in a long-term growth trend and confidently buy on dips towards $3000. Ethereum is now trading near $3200 and has no technical hurdles ahead until the $3500 area where local profit-taking could occur.

The #crypto market cap has returned to $2.49 trillion, adding 3.3% in the last 24 hours. At this stage, the top coins are the lifting force for the market, with BTCUSD up 3.1%, Ethereum up 4.4%, and Solana up 5.5%.

#Bitcoin's price has reached $69.5K, its highest since mid-June. The Bitcoin 2024 conference tipped the scales in favour of the bulls. The technical picture speaks in favour of further upside, as the latest spurt came after a local shakeout that removed overbought conditions and broke the resistance of the descending channel.

#Ethereum is gaining momentum after pushing back from its 200-day MA for the second time this month. On Monday, the coin is testing the 50-day MA, rising to $3380, the taking of which opens a fast route to $3500 and then $4000.

#Solana is making steady progress upwards, reaching $192, its highest since early April. This shows a stronger recovery compared to Bitcoin and the broader market, where capitalisation is lower than the peak in early June.