ETH resumed its uptrend on Monday as trading conditions improved. It experienced notable buying pressure, which allowed it to shrug off bearish fundamentals that had threatened to restart the downtrend.
ETH continues this trend on Tuesday, looking more bullish as the entire crypto market sees an increase in liquidity inflow.
The global cryptocurrency market cap is up 4% over the last 24 hours as trading volume increased by a similar margin. ETFs have since started experiencing notable inflow as the overall market posture improves.
It is worth noting that the sector experienced notable declines last week due to the conflict in the Middle East. Many panicked on Monday when Iran launched retaliatory strikes on the US. However, the United States expressed no desire to continue the conflict. The President announced that Israel and Iran have finally reached a resolution to stop fighting.
Investors are becoming increasingly bullish and optimistic about the next price action following these announcements. The fear and greed index responded to this improvement, surging from 34 to 47.
SEI is the top gainer in the last 24 hours. Up 30%, the cryptocurrency continues its uptrend. It opened Tuesday at $0.24 and surged to a high of $0.30.
Other coins in the top 10 have since started reclaiming lost levels. Let’s examine their performance.
BTC/USD
Bitcoin began its recovery on Monday after it retraced below $100k on Sunday. It bounced off the lower Bollinger band following a slight descent at the start of the session. Smaller charts show that the apex coin hovered around $102k before a breakout later.
BTC is back to $105k but peaked at $106k on the first day of the week. However, the 1-day chart shows that the asset is grappling with notable selling pressure around this mark as it prints a doji.
The relative strength index is slightly arched downward as selling volume gradually increases. Nonetheless, the apex coin surged above $106k on Monday, reclaiming trading above Bollinger’s SMA. Although it trades below it at the time of writing, previous price movements suggest that it may flip again.
In the short term, the 4-hour chart indicates that BTC is losing momentum, as it prints two dojis representing the last 8 hours. This means that it failed to register any significant increase during this period.
The Bollinger band on this scale indicates that Bitcoin surged above the upper band a few hours ago and is experiencing a slight correction, as it may be perceived that it reached its maximum uptick. Nonetheless, it is essential to maintain the $105k support, as losing it would send the coin back to $103k.
ETH/USD
Ethereum printed its first green candle after four days of consistent downtrend. Sunday capped the declines as it plummeted below $2k.
However, it rebounded off $2,100 on Monday and broke above $2,300. ETH continued to rise, flipping the $2,400 support level. The bulls are struggling to maintain the 8% gain as the coin sees a slight pullback. It prints a doji at the time of writing, following its failed attempt at breaking the previous day’s high
The altcoin maintains trading above $2,400 but does not hold it for long. Unfolding trends on the 1-day chart shows significant pressure on the mark. It slipped below a few hours ago, indicating reduced demand concentration. RSI is declining as selling pressure increases.
Previous price movements suggest that the highlighted mark is a critical support level, and losing it may result in retracements to $2,200.
XRP/USD
XRP continued its downtrend on Monday, retracing to a low of $1.96. It rebounded and shot up, edging closer to $2.20 but facing stiff resistance at $2.17.
Tuesday kicked off with the same trend; XRP retraced before rebounding. It trades above $2.20 at the time of writing, having peaked slightly higher. The 1-day chart shows that the asset is experiencing a slight pullback as it attempts to attain the day’s high.
Nonetheless, the relative strength index remains on the uptrend amid the gradual decline in selling pressure. The Bollinger bands indicate that the altcoin is trading above the SMA. It may serve as support in the event of further declines.
Previous price movements reveal that the $2.20 mark has little demand concentration. The asset may retrace below it, as previous trends favor $2.15 as a tougher mark. Conversely, the altcoin has seen a notable increase after attaining this mark.
BNB/USD
Binance coin was in a downtrend for most of the previous week, experiencing a gradual decline since Tuesday. However, the asset overturned this trend on Monday with its first green candle.
Like ETH, BNB resumed trading within the Bollinger band. It continued upward, breaking above $640 and ending the day with gains of 4%.
The buyer may yet resume the uptrend on Tuesday as the asset risks further decline. It experienced significant selling pressure that ended its uptick. It prints a doji at the time of writing, following a rebound from a slight decrease.
RSI trend at its mid-region amid the growing bearish presence. It remains relatively stable as the bulls are soaking up the excess supply. It reflects the same reading as the accumulation and distribution chart, which is slightly down after its sharp rise the previous day.
Nonetheless, the altcoin is on the verge of losing the $640 support. The bulls must defend this mark, as a slip may send BNB close to $620.
SOL/USD
Solana experienced a nearly 10% surge on Monday. It opened at $131 and reclaimed Bollinger lower band at $133. Its return to the Bollinger bands spurred further increases, causing it to break above $140 and peak at $147.
Like ETH, it prints a doji on Tuesday as it grapples with notable selling pressure. It struggles to sustain the momentum after attaining the previous day’s high. Declining RSI casts a looming shadow on the coin. Other indicators, such as the A/D and momentum, are also declining.
Nonetheless, it is worth noting that SOL rebounded off $144 last week. While the mark may serve as a short-term barrier, previous price movements suggest that the $140 support is a tougher level.
