The past weekend was pretty brutal, as the markets dropped heavily. The BTC price slumped below, dragging the ETH price close to $2,800. However, the trade appears to have flipped in bullish favour as the buying pressure is slowly increasing. It seems like the Mt. Gox & German terror have faded as Blackrock’s fresh accumulation of over 3000 BTC has revived the bullish hope within the markets.
Since Bitcoin & Ethereum have entered into a bullish range, sustained growth may be expected if they hold the gains throughout the week.
The short-term price action of Bitcoin suggests the ascending trend may persist throughout the week. The price bounced from the lows a couple of times, forming a double bottom pattern and entering within the range. As the OBV is bullish, it indicates the continuation of the prevailing upswing, which could help the price to break above the resistance of the descending channel and enter the resistance zone between $62,500 & $63,200. Here, the bulls are required to demonstrate some strength to rise above $65,000, otherwise, a failure may cause the price to drop back below $60,000.
Besides, Ethereum is trying hard to enter the bullish range, which is nearly 5% away from the current price levels.
Ethereum has dropped below the ascending trend line, which has been acting as a strong support since the start of the year. Although the bulls have initiated a recovery, some more upswing is required to rise above the bearish influence. The RSI is rising, and MACD is close to undergoing a bullish crossover as selling pressure decreases.
Therefore, the current trade setup suggests the ETH price may be primed to maintain a healthy ascending trend and reach the pivotal resistance above $3,200. Moreover, the bulls are expected to withstand the bearish pressure here, elevating the levels above $3,400 in a short while now.
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