Key takeaways
- Bitcoin, Ethereum, and XRP started the week holding on to the strong gains they made last week.
- Ethereum is approaching its 50-day moving average near $1,806, a major hurdle to extending its recovery.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) started the week constructively after rising more than 6%, 13%, and 10% in the previous week.
Bitcoin settled below $63,000, while ETH is approaching key technical resistance at $1,800, while XRP broke the upper border of a descending channel, reinforcing the bullish outlook.
Ethereum is testing key resistance near the 50-day moving average
Ethereum (ETH) is also continuing its rebound last week after rising more than 13%, and is trading near $1,784 on Monday.
The cryptocurrency is approaching a major technical hurdle at the 50-day moving average near $1,806, which is currently acting as the first major resistance level.
Despite the recent rebound, Ethereum remains below the 100-day moving average near $1,972 and the 200-day moving average near $2,241, leaving the broader trend leaning toward the downside.
However, technical momentum continues to strengthen. The RSI is hovering near 57, indicating healthy buying momentum, while the MACD remains strongly positive, suggesting bulls continue to regain control after recent weakness.
If ETH succeeds in breaking the 50-day EMA, attention will shift towards resistance near $1,972, followed by the psychologically important $2,000 level and the 200-day EMA around $2,242.
On the downside, the strongest support remains near the $1,385 area, where buyers previously stepped in to defend the market.
Bitcoin, Ethereum, and XRP entered the new week with improving momentum after last week’s strong performance.
While each asset faces significant technical resistance, bullish indicators continue to strengthen.
A decisive move above $64,000 for Bitcoin, $1,806 for Ethereum, and continued strength above the XRP channel breakout could fuel a recovery across the broader cryptocurrency market and pave the way for further gains.
