FTX to Distribute Over $5 Billion in Stablecoins This Week
Bitcoin and Ethereum are near critical resistance levels, with analysts predicting an upcoming Altseason. Market sentiment is shifting positively despite macroeconomic uncertainties.
- Over $5 billion in stablecoins will be distributed to FTX creditors this week, injecting liquidity equivalent to nearly 2% of the total stablecoin supply.
- This capital is expected to remain within the crypto ecosystem as investors who held through the FTX collapse regain access to their funds.
- Bitcoin aims for $120K while Ethereum targets $3,000, setting the stage for increased investment in altcoins.
Ethereum is currently trading at $2,638, just below a key resistance zone at $2,700. A breakout above this level could signal a major upward trend for ETH and altcoins.
- ETH has formed a solid base above the 34 EMA ($2,331) and 200-day SMA ($2,697).
- Steady volume during consolidation indicates strong buyer interest.
- A close above $2,700 could trigger broader investment into altcoins, historically linked to Altseason.
