The markets have turned bullish ahead of the spot Ethereum ETF launch, which is scheduled on July 23, 2024. With this, the Bitcoin price soared above $66,500, while the Ethereum price is eyeing a rise above $3500 in the next bullish attempt. Due to this, altcoins are displaying immense strength as the prices of Sei & Ordi have approached crucial zones and a breakout may cause the prices to reach the upper targets.
The latest upswing has caused the price to rise above the resistance of the falling wedge during the last trading day. Currently, the bears are trying to exert more pressure over the token but the bulls appear to remain vigilant of the prevailing trading conditions. Therefore, after a brief consolidation, the SEI price is expected to revoke a strong ascending trend and reach the upper resistance close to $0.6.
After breaking from the falling wedge, the SEI price is trying to validate a U-shape recovery as the major resistance between $0.43 and $$0.45 is hindering the progress of the rally. The RSI is incremental while the DMI has undergone a bullish crossover. Once the ADX displays a bullish divergence, the SEI price is expected to break above $0.5 and reach $0.6. Until then the price is expected to maintain an ascending consolidation within the curve.
Ordi’s price is stuck within a falling wedge and is approaching the upper resistance, intending to break above the resistance. While the market participants may expect a slight pullback after the breach, the technicals suggest the bears may not captivate the levels for long. Therefore, the price could maintain a healthy upswing and clear the path to $100 in the coming days.
The supertrend has just turned positive, signifying a significant shift in momentum toward the bulls. Besides, the MACD displays decent growth in the buying volume, which may lift the levels within the positive range. Once done, the price may rise above the bearish influence and eventually trigger a fresh ascending run towards the interim highs at $50. If these levels are secured, the pivotal resistance zone between $65 and $67 may be secured.
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