Ethereum Surges 7% as Geopolitical Tensions Ease, SPX6900 Jumps 28%

The cryptocurrency market is experiencing a significant rebound as geopolitical tensions between Israel and Iran show signs of easing. Ethereum (ETH) is leading the charge with a robust 7% surge, pushing its value back towards the $2,400 mark. This bullish momentum is also benefiting memecoins, with SPX6900 (SPX) emerging as one of the top performers. SPX has surged by an impressive 28% in the last 24 hours, driven by a powerful bullish signal on its technical chart—a potential “Power of 3” pattern that suggests further upside potential.

On the 4-hour chart, SPX is forming a classic Power of 3 pattern, a price behavior model often observed in markets influenced by smart money. This pattern consists of three phases: Accumulation, Manipulation, and Expansion. The Accumulation Phase, which occurred between June 8 and June 20, saw SPX trading within a tight range of $1.31 to $1.71. During this phase, large players quietly built positions without drawing much attention, resulting in low volatility and no clear direction, forming a clean rectangular zone on the chart.

On June 20, SPX broke below the range support with a sharp fall to $0.92, triggering stop-losses and shaking out retail holders through fear. This “manipulation” move is a common feature of the Power of 3 pattern, designed to trap sellers before the real move begins. Right after hitting the lows, SPX bounced hard, reclaiming the key $1.31 level—the lower boundary of the original accumulation range. This bounce may mark the start of the Expansion Phase, where the price moves strongly in the intended direction: up.

If SPX continues to hold above the $1.31 range and successfully breaks out above $1.71—the top of the previous consolidation—the Power of 3 pattern will be confirmed. The projected target is around $2.50, calculated by measuring the height of the accumulation zone and extending it from the breakout point. That’s a possible 89% upside from current levels. However, traders should remain cautious. While the pattern is developing cleanly, confirmation through a breakout above $1.71 with strong volume is key to validating this bullish setup.

The SPX6900 (SPX) index has been exhibiting signs of potential further upside, driven by several factors including strong corporate earnings, positive economic indicators, and supportive monetary policies. One key emerging pattern suggesting a potential upside move for the SPX is the formation of a bullish flag pattern. This pattern is characterized by a sharp price increase followed by a period of consolidation, during which the price moves sideways or slightly downward. The consolidation phase is typically followed by another sharp price increase, which can lead to significant gains for investors. The SPX has been consolidating for several weeks, and the recent breakout above the resistance level suggests that the index may be poised for further gains.

Another factor supporting the potential upside move for the SPX is the strong performance of the technology sector. Technology stocks have been leading the market rally, with many companies reporting strong earnings and revenue growth. This sector is a significant component of the SPX, and its strong performance is likely to continue to drive the index higher. Additionally, the technology sector is known for its innovation and growth potential, which makes it an attractive investment for many investors.

The SPX has also been benefiting from supportive monetary policies, with the Federal Reserve maintaining low interest rates and implementing quantitative easing measures. These policies have helped to stimulate economic growth and support stock prices, which has been reflected in the strong performance of the SPX. The Federal Reserve has indicated that it will continue to support the economy until it sees sustained growth and inflation, suggesting that the SPX may continue to benefit from these policies in the near term.

However, it is important to note that the SPX is still facing some headwinds, including geopolitical risks and concerns about inflation. These factors could potentially impact the index's performance in the coming months, and investors should be prepared for volatility. Despite these risks, the emerging patterns and supportive factors suggest that the SPX may be poised for further gains in the near term. Investors should continue to monitor the index closely and consider adjusting their portfolios accordingly.