Ethereum’s price has been consolidating over the past few months, showing neither bullish nor bearish intentions. Yet, things might be about to change soon.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

On the daily timeframe, the price was trapped inside a large symmetrical triangle pattern, and both the higher and the lower boundaries were tested several times.

The future direction of the market relies heavily on whether the market breaks out of the pattern to the upside or the downside. Meanwhile, the RSI also shows values of around 50%, which indicates a state of uncertainty in the market.

The 4-Hour Chart

Looking at the 4-hour chart, it is evident that the asset has recently broken below the $2,500 level. However, it is currently retesting that line, and if it can break back above, a rally toward the $2,800 resistance zone would be highly probable.

On the other hand, a rejection could lead to a further decline toward the $2,300 support level. Yet, judging by the RSI and its increasing values, the momentum is shifting bullish, and the scenario toward $2,800 seems more probable.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Ethereum Exchange Reserve

While the price chart has been consolidating, investors wonder whether a period of accumulation or distribution has been going on. Analyzing the exchange reserve metrics in this situation can be beneficial.

The exchange reserve metric measures the amount of ETH held in exchange wallets. As the chart suggests, the exchange reserve has been gradually dropping recently, with a significant decline occurring in the last few days. This points to an aggregate accumulation in the spot market, which could lead to a supply shock and rally higher if the futures market remains stable.

Bitcoin is showing strong signs of a bullish recovery, with its price approaching the key $70K resistance level.

Buyers are focused on breaking this critical threshold, aiming for a new all-time high by the end of the year.

Technical Analysis

By Shayan

The Daily Chart

Bitcoin’s price action on the daily chart reflects a significant bounce after finding support within the 0.5 ($56K) and 0.618 ($52K) Fibonacci retracement levels. This support zone has repeatedly halted bearish attempts and has acted as a base for buyers to re-enter the market.

The surge in buying pressure has allowed Bitcoin to reclaim the 100-day and 200-day moving averages, signaling a shift toward the bullish sentiment. Bitcoin is now testing the $70K resistance region, and a successful breakout could lead to a sharp upward move, potentially driven by a short squeeze, reinforcing the bullish trend.

The 4-Hour Chart

On the 4-hour chart, Bitcoin’s bullish momentum is more apparent. The asset saw a strong bounce at the ascending wedge’s lower boundary near $58K, which fueled a powerful uptrend. This move pushed Bitcoin above its previous significant swing high at $66K, marking a higher high in the 4-hour timeframe.

Now, BTC is consolidating within a narrow range between $66K and $70K. A breakout above the $70K resistance level and the wedge’s upper boundary would confirm the continuation of the bullish trend, potentially pushing Bitcoin toward a new ATH in the mid-term.

On-Chain Analysis

By Shayan

Bitcoin is experiencing increasing buying pressure, and a breakout above the critical $70K level appears imminent. The futures market provides further insight into the underlying dynamics, suggesting that this threshold could trigger a significant short liquidation event, amplifying the uptrend.

The liquidity concentration has shifted above the $70K mark, making this price range a focal point for market participants. Large liquidity pools above this level indicate that a breakout would likely attract more buyers and force short sellers to close their positions, fueling upward momentum.

This scenario points toward a potential short-squeeze, where a cascade of short liquidations could propel Bitcoin beyond $70K. Given the current technical setup and futures market positioning, Bitcoin is expected to maintain upward pressure soon. A breakout could result in a swift move above $70K, with further gains likely as the liquidation process unfolds.

Bitcoin’s price continued its uptick since the Saturday night slump and jumped above $68,000 and even neared $68,500 earlier today.

The altcoins are also slightly in the green today, with BNB going above $590 and ETH surging past $2,500.

BTC Above $68K

The primary cryptocurrency went through some enhanced volatility during the previous business week amid massive inflows toward the spot Bitcoin ETFs. It went from over $69,500 on Monday to $65,000 in just a few days to Wednesday. Another rally came that pushed it north for nearly $69,000 on Thursday, but the bears returned on Friday night and initiated another leg down.

It was driven by FUD around Tether and BTC slumped to $65,500 during the night. However, the bulls emerged almost immediately and drove bitcoin up to $67,000 during weekend.

The asset continued to gain traction during the early hours of Monday. It spiked above $68,000 and climbed to a multi-day peak of $68,500. However, it has lost some ground since then but still sits above $68,000.

Its market cap has risen to $1.350 trillion, while its dominance over the alts stands tall at 55.8% on CG.

DOGE, DOT on the Rise

Elon Musk, known for his outspoken support for the world’s largest and oldest meme coin, did it again last night, posting a DOGE-related meme on X. The result was similar to previous such examples, and Dogecoin’s price jumped by about 3-4% in minutes. It now trades above $0.14.

Polkadot is the other notable gainer from the larger-cap alts. DOT has soared by 4% and sits close to $4.20. Ethereum is north of $2,500 after a 1.5% increase, BNB is above $590 following a 1.4% daily jump, while SOL, RP, TON, ADA, AVAX, SHIB, BCH, and LINK are also in the green.

In contrast, TRX, LEO, and SUI have charted some losses. In the case of SUI, the daily price drop is quite painful (-4%).

The total crypto market cap has bounced above $2.4 trillion and is up to $2.420 trillion now.