Asia stocks upbeat on US tech rise; Japan reverses gains on BOJ ETF sale plans
- The altcoin market has slowed after a brief surge as the Fed’s decision drives caution.
- Ethereum, AVAX, and SUI are in focus with key resistance and support tests.
- Risk appetite from Fed signals may revive altcoin rally into year-end.
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The altcoin market gained 6% last week but started this week on a cautious note as investors await the Fed’s key interest rate decision. Bitcoin is holding near the $115,000 level, with traders shifting focus toward it while waiting for signals on the Fed’s rate outlook. If the Fed delivers a dovish message, risk appetite could rise, drawing more funds back into altcoins.
The total altcoin market cap, excluding Bitcoin, is climbing further and holding near record levels. If large-cap altcoins break above key resistance, it could spark a rally in the final quarter of the year. Ethereum, which has grown its market share to 15% in recent months, is a key focus. AVAX gained nearly 20% last week and is now testing a major psychological resistance level. SUI, meanwhile, stands out for its sharp and volatile price swings.
Ethereum Holds Range as Momentum Slows
Ethereum has lost momentum in recent days and is moving sideways within its broader uptrend. The $4,300 level continues to act as a key support.
Last week’s bounce from the support zone lacked strong volume, which limited the upside. The Stochastic RSI also reached overbought quickly and then pulled back, signaling weak buying pressure.
In the near term, $4,450–$4,500, where the EMA values sit, is the first support area. A break below this could retest $4,300 as the main support. Holding above this zone may create a base for another move higher.
If buying volume picks up, Ethereum could first face resistance at $4,600, followed by $4,950 before testing the $5,000 mark.
Ethereum recently touched the $5,000 region and could aim for a new peak in the $5,450–$5,500 range in the short term, provided a catalyst emerges to boost risk appetite in crypto markets.
If the slow downward trend since last week deepens and $4,300 breaks, it would signal the end of the latest uptrend and open the way for a correction toward $3,500.
Overall, $4,300 stands as the critical support, while a sustained move above $4,600 with strong buying volume will be key for any renewed upward momentum.
AVAX Faces Key Resistance as Trend Decision Nears
AVAX broke past the $25 resistance level last week, which had held since July, and quickly reached the next resistance at $30 with strong volume.
The token had been in a long-term downtrend from 2024 until March this year. Based on Fibonacci levels, $30 aligns with the 0.382 retracement and serves as a key threshold for the continuation of the current uptrend. A rise in market risk appetite after this week’s Fed decision could help AVAX secure a weekly close above $30.
If that happens, short-term targets lie at $35, $40, and $45. However, the recent rally has pushed AVAX into overbought conditions, which increases the risk of a pullback. Failure to break above $30 may trigger profit-taking, sending AVAX back toward $27 and possibly retesting $25.
SUI Struggles to Hold on to Uptrend
SUI has been moving higher since April, but often pulls back with deep corrections. The $4.10–4.35 range has been the main resistance this year, and selling pressure continues to appear at these levels.
Even so, the uptrend is still intact. The last correction ended at $3.20, and from there SUI climbed to $3.80 before losing momentum again. At this point, the $3.45 level has become important. If SUI can hold above this support, the next target may be $3.90. Daily closes above $3.90 could bring another attempt toward $4.35, and a breakout over that level could open the way to the $5 zone.
If the correction deepens, $3.30 may act as intermediate support under $3.45. A break below this could lead to further declines toward $3.00 and then $2.85. In short, SUI still has the potential for upward moves as long as it stays above its daily trendline.
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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk is at the investor’s own risk. We also do not provide any investment advisory services.