It was a bullish Sunday session for Bitcoin (BTC) and Ethereum (ETH), with ETH revisiting $1,650. ETH staking figures sparked a bullish session, with buyers on the dip supporting the broader crypto market. However, ETH and BTC made modest gains this morning.
Ethereum (ETH) was up 2.88% on Sunday. Reversing a 0.81% loss on Saturday, ETH ended the week down 2.31% at $1,641.
A mixed start to the day saw ETH drop to an early low of $1,588. Pulling away from the first major support level (S1) at $1,566, ETH rallied to a late high of $1,652. ETH broke above the first major resistance level (R1) at $1,617 and the second major resistance level (R2) at $1,638 to end the day at $1,641.
On Sunday, Bitcoin (BTC) rose 1.65%. Reversing a 0.09% loss from Saturday, BTC ended the week down 2.98% at $23,561. BTC ended the five-day losing streak and failed to reach the $24,000 level for the second session in a row.
A mixed start to the day saw BTC fall to an early morning low of $23,083. Pulling away from the first major support level (S1) at $22,918, BTC rallied to a late high of $23,673 before pulling back. BTC broke above the first major resistance level (R1) at $23,331 and the second major resistance level (R2) at $23,483 to end the day at $23,561. The third major resistance level (R3) at $23,619 capped higher.
Ethereum (ETH) Price Action – Technical Indicators
ETH needs to avoid the $1,627 pivot to target the first major resistance level (R1) at $1,666. A move through the Sunday high of $1,652 would signal a breakout session. However, updates from the Shanghai hard fork and crypto news leads should support ETH to support a breakout.
A hold above the 50-day EMA ($1,633) would support a break of R1 ($1,666) to give the bulls a run into R2 ($1,691) and $1,700. However, a drop at the 50-day EMA (1633) and 100-day EMA ($1629) would give the bears a run at S1 ($1602) and the 200-day EMA ($1598). A drop through the 50-day EMA would send a bearish signal.
Bitcoin (BTC) Price Action – Technical Indicators
BTC needs to avoid the $23,439 pivot to target the first major resistance level (R1) at $23,795. A move through the Sunday high of $23.673 would signal a breakout session. Crypto news wires and Fed talk should be crypto-friendly to support a prolonged rally.
A move through the 50-day EMA ($23,667) would support a break of R1 ($23,795) to the R2 ($24,029) target. However, a drop through the 100-day EMA ($23,530) and S1 ($23,205) would give the bears a run to the 200-day EMA ($22,886) and S2 ($22,849). A move through the 50-day EMA ($23,663) would send a bullish signal.
By Audy Castaneda
