With BTC consistently reaching new all-time highs and ETH surpassing the $3,000 mark, the bull run is confirmed from a technical perspective. However, as you know, nothing moves up in a straight line, so a correction is likely to occur soon. The question is, how significant will the correction be? Let’s find out.
7 Days Heatmap
The market is more bullish than ever, with BTC surging over 16% and dragging the entire market upward in a frenzy. However, ETH has been lagging behind, struggling within a range, and ultimately ended the week bearish with a 4% decline.
BTC Analysis
After breaking above the $80,000 mark, as mentioned in our last BTC update, it continued to surge in a parabolic manner.
BTC will remain bullish from both a short-term and long-term perspective as long as it trades above the red trendline.
If the red trendline is broken to the downside, the bears could take control in the short term, leading to a correction toward the $80,000–$82,000 support zone.
This area will be crucial, as it offers an opportunity to look for medium-term trend-following long positions.
ETH Analysis
As per last week’s ETH analysis, it has been bearish in the short term, trading within the falling channel marked in red.
However, ETH is currently approaching a strong support level at the psychological round number of $3,000.
For the bulls to regain momentum and shift the trend in their favor, ETH needs to break above the red major high at $3,185.
This level serves as a key resistance, and a decisive move above it could signal the start of a bullish reversal.
Quote of the week
It was really later on when I decided that the reason there are so many technical indicators out there is because none of them work very well.
~ Chuck Hayes
Closing Remarks
In summary, as long as BTC remains above the red trendline, the bullish outlook holds for both short and long-term perspectives.
A break below this trendline could lead to a short-term correction toward the $80,000–$82,000 support zone, offering opportunities for medium-term long positions.
ETH, on the other hand, is nearing the critical $3,000 support level. For the bulls to regain control, a decisive break above the key resistance at $3,185 is necessary, potentially signaling a bullish reversal.
Dive deeper with our full market outlooks for detailed insights.
