Amgen (AMGN: NASDAQ)

Amgen (AMGN), a leading biotechnology company specializing in the development and manufacturing of human therapeutics, has introduced a groundbreaking product named Lumakras for cancer treatment. Lumakras is recognized as the first medication designed to target a mutation found in approximately 13% of lung cancer patients.

Additionally, Amgen has recently finalized the acquisition of Horizon Therapeutics for a substantial sum of about $28 billion in cash. This strategic move incorporates Tepezza, an FDA-approved medicine for thyroid eye disease, into Amgen’s product portfolio. The bullish stance on AMGN suggests support levels above $260.00-$265.00, with an anticipated upside target in the range of $360.00-$365.00.

Ally Financial (ALLY: NYSE)

Ally Financial (ALLY), a prominent digital financial services company, is poised to benefit from the Federal Reserve’s indication of multiple interest rate cuts in the latter half of 2024, following a period of aggressive rate hikes. This shift is expected to stimulate higher loan demand from borrowers and contribute to increased net interest income for ALLY, as it will pay lower rates to depositors.

Additionally, ALLY’s strategic focus on share buybacks, with a significant reduction in outstanding shares over the last five years, is anticipated to have a positive impact on earnings per share. The bullish stance on ALLY suggests favorable support levels above $30.00-$31.00, with a targeted upside in the range of $48.00-$50.00.

ETH/USDT

Ethereum ($ETH) has been exhibiting range-bound behavior, oscillating within the $2,200 to $2,500 range. Traders are closely monitoring potential catalysts, particularly the impact of a Bitcoin spot ETF approval on the broader market, which could influence Ethereum’s trajectory. An optimistic scenario envisions an upside target for $ETH at $2,900 – $3,500, but traders need to be cautious of a key Fibonacci resistance level within this range.

Conversely, breaking below the $2,200 support level might signal increased downside risk, with the next significant support anticipated at $1,550 – $1,680. Traders are advised to remain vigilant, considering these key levels and external market factors for informed decision-making.

Crypto Total Market Cap (TOTAL)

In the past month, the total cryptocurrency market capitalization ($TOTAL) has been consolidating between the $1.52 trillion and $1.70 trillion levels, reflecting anticipation and caution ahead of potential ETF news. Despite being oversold, the market is expected to remain within this range until a decision on the ETF is made.

If the ETF receives approval, there’s potential for the total market capitalization to surge beyond $1.70 trillion. Conversely, a rejection could trigger a downward move, with support levels expected around $1.40 trillion to $1.45 trillion.