Bitcoin and Ethereum Hold Critical Support as Technical Indicators Signal Potential Bullish Reversal
Bitcoin (BTC) and Ethereum (ETH) are showing signs of a potential bullish reversal after holding above their 4-hour 200-period moving averages (MA) and exponential moving averages (EMA), following sharp declines in late May. Technical indicators such as the Relative Strength Index (RSI) and moving average alignments are highlighting strengthening bullish momentum. Bitcoin has maintained key support at the $100,000 and $103,600 levels, with resistance at $106,600 and $109,300, and a breakout above these points could signal renewed bullish sentiment for the summer. If these supports are breached, a deeper correction may follow. Ethereum demonstrates similar consolidation, trading between $2,500 and $2,750, and is approaching a potential ’golden cross’, with the 50-day EMA rising and the 200-day EMA offering support. Key resistance lies at $2,750, with increased volatility possible if ETH drops below $2,400. Traders should monitor both major coins’ interaction with critical moving averages and support/resistance zones, as the outcome could determine medium-term market direction. Overall, cautious optimism prevails amid elevated market volatility, with price resilience and technical signals suggesting the possibility of upward or corrective moves depending on market sentiment.
Neutral
Both Bitcoin and Ethereum are displaying resilience at critical technical support levels, with technical indicators pointing towards a possible bullish reversal. However, the presence of significant resistance ahead, recent high volatility, and the risk of potential liquidations suggest that neither asset has established a clear, sustained direction. Short-term price action will likely determine the medium-term trend, and traders remain cautiously optimistic but alert to the possibility of both upward momentum and sharp corrections, depending on how these key support and resistance zones are navigated.