Cryptos on the rise as bulls win the day

Bitcoin and Ethereum prices inched higher at the end of last week and over the weekend, with both BTC and ETH crossing key resistance levels. BTC climbed above the $40,000 key level and above $42,000 over the weekend. On Monday, Bitcoin traded even higher and is currently testing the $44,300 level resistance. If its price declines, it may find support at $36,000 and further down at $33,000, while if the price of Bitcoin goes up, it may find resistance near $51,900. 

Ethereum rose to the $3,000 key level and continued trading just above this level during the weekend, testing its resistance. On Monday, it broke through the resistance level, trading upwards, to $3,180. If its price goes down, it may find support at $2,640 and further support around $2,150. In case its price goes up, it may find resistance around $3,400. 

Cryptos have been under pressure since the beginning of the year, with Bitcoin losing over 20% of its value, hit by a bout of risk-aversion. Can the bulls finally prevail and reverse the downtrend? Geopolitical tensions contribute towards keeping cryptocurrency prices down, as risk-appetite decreases and investors turn to safe-haven assets. In addition, the hawkish shift in the fiscal policy of most major Central banks puts pressure on cryptocurrencies. Regulatory concerns are also keeping the price of cryptos down, as many countries around the world such as the US, Italy, Spain, and the UK are launching a crackdown on cryptocurrencies and proposing restrictions on mining and advertising.

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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