Key Takeaways
- Bitcoin's market cap surged over 1,000 points early Monday.
- Ethereum's price jumped above $1,800, gaining nearly 7% intraday.
- Technical and on-chain indicators suggest further upside potential.
The total cryptocurrency market cap added approximately $49 billion at the start of Monday's trading session, fueling significant upward momentum for both BTC and ETH.
Technical Analysis: Bitcoin's Bullish Patterns
Bitcoin has rebounded from the median trendline of a parallel channel visible on its daily chart. This technical configuration suggests a potential advance toward the upper boundary near $25,700. Key observations:
- Critical Support: BTC must hold above $23,300 to maintain bullish momentum.
- IOMAP Data: Over 1M BTC were acquired between $22,650–$23,325 by 1.4M addresses, creating strong support.
- Resistance Levels: Minimal supply barriers exist until $26,670, where 63,530 addresses hold 181,270 BTC.
👉 Why Bitcoin's current consolidation could lead to a 30% rally
Ethereum's Symmetrical Triangle Breakout
ETH/USD has breached a symmetrical triangle formation on its 4-hour chart, projecting a 22.5% upward trajectory (target: $2,130). Supporting factors:
- Network Growth: Rising daily new addresses indicate accumulating investor interest.
- Merge Speculation: Anticipation around Ethereum's protocol upgrade fuels bullish sentiment.
- Key Level: ETH must defend **$1,700** to avoid a correction toward $1,600–$1,450.
On-Chain Metrics: Validating the Rally
| Metric | Bitcoin | Ethereum |
|---|---|---|
| Support Zone | $22,650–$23,325 | $1,700–$1,750 |
| Resistance | $26,670 (181K BTC) | $2,130 (Triangle target) |
| Network Activity | Stable address growth | 30-day high in new addresses |
FAQ Section
Q: What’s driving Bitcoin’s sudden price surge?
A: A combination of technical breakout patterns, institutional accumulation, and macroeconomic hedging demand.
Q: How high could Ethereum go post-Merge?
A: Historical upgrades like London Fork (2021) saw 60%+ rallies—similar momentum could propel ETH toward $3,000.
Q: Are there risks to this bullish outlook?
A: Yes. Macroeconomic instability or regulatory crackdowns could trigger short-term volatility.
👉 Ethereum’s Merge: Ultimate investment guide
Conclusion
Both cryptocurrencies exhibit strong technical and fundamental setups. Traders should monitor:
- Bitcoin’s $23,300 support
- Ethereum’s hold above $1,700
- Broader market sentiment
Always conduct independent research before investing.