Blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP (XRP), and BNB (BNB) are consolidating on Tuesday as traders take stock of recent gains and await commentary from Fed policymakers later in the week. However, the macro outlook remains positive as US stocks continue to rise and US government bond yields show signs of reversing from multi-decade highs.
Bitcoin is currently trading just above $35,000, while Ether is hovering just below $1,900. Ether is poised for a potential rally to test year-to-date highs in the $2,100s, as it threatens to break above a key downtrend. Furthermore, the recent surge in Ethereum network activity has turned the Ether supply deflationary again, providing additional upside potential for the cryptocurrency in the near term.
