ETH registered significant gains during the previous week as it broke $2,150 for the first time since May. This thrill resulted in a further increase that reflected on the global index.
The global cryptocurrency market cap was worth $1.4 trillion at the start of the previous intraweek session. This was also the lowest valuation the sector had during this period. The chart reveals that the industry gradually surged in value as it peaked at $1.48 trillion on Sunday. It also closed at this mark. However, this points to a failure to register any significant changes.
Away from the global index, many cryptocurrencies recorded massive gains during the previous week. One such is IOTA. It opened trading at $0.17 but saw slight decreases. As a result, it rebounded at $0.16. Afterward, it broke its almost one-year high at $0.35. It went further and attempted the $0.40 resistance. It failed following strong rejections at $0.37. In the end, it closed with gains of more than 83%.
With the new week in view, the global cryptocurrency market cap is up by more than 3% over the last 24 hours. Following such a bullish start, many look forward to what the rest of the intraweek session will offer.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin broke out from its previous channel during the previous intraweek session. It also broke its two-week streak of recording no significant changes. Following a dip to a low of $36k, it surged to a high of $40k. In the end, it closed with gains of almost 7%.
One of the key highlights of the session happened on Friday. It opened the day at $37,731 and tested the $39k resistance, finally breaking out from the $36k-$38k channel. BTC failed to break the highlighted barrier but ended the day at $38,707. It also ended the day with an almost 3% increase. Additionally, it finally broke the resistance during the next intraday session.
With a focus on the new week, bitcoin is seeing one of its best performances. It opened the day at $39,988. Following a massive increase in buying volume, the apex coin surged to test the $42k resistance. It broke the mark and hit a high of $42,404. Currently exchanging at $41,917, the coin may close with gains of almost 5%.
A look at the indicators suggests that BTC may continue its uptrend. A clear sign of this is the Moving Average Convergence Divergence. A closer look at the metrics show the 12-day EMA surging following an interception with the 26-day EMA. The bullish divergence may indicate a further increase in value. If this takes place, the coin may test $45k.
It is also worth noting that the Relative Strength Index points at the apex coin being overbought as it is above 70. This is a sign that the asset is due for corrections. It may also happen this week. If this happens, one key level to watch is $40k.
ETH/USD
Ethereum had very significant changes during the previous week. It surged to a high of $2,218 after dropping to a low of $1,986. In the end, it closed with gains of more than 6%.
One of the highlights of the seven days happened on Saturday. ETH started trading at $2,088 and started a surge that saw it attempt the $2,200 resistance. However, it failed to break the said mark as it faced strong rejections at $2,188. It soon experienced small corrections. Nonetheless, it ended the day with gains of almost 4%. Additionally, it broke the highlighted mark during the next intraday session.
With the new week unfolding, the apex altcoin is a bullish start. It opened the current intraday session at $2,193 and aimed to topple $2,300. It failed in its bid due to rejections at $2,274. It retraced and is currently exchanging above $2,200.
The most recent improvement in price had a small effect on the Moving Average Convergence Divergence. The indicator shows that ETH had a bullish divergence. Following this event, many would conclude that the asset will continue to surge. If that happens, the alt may break $2,300 and gain stability above it.
On the other hand, RSI places the coin above 70. Currently at 71. While this may be slight, it may signify the start of a small downtrend. As a result, ethereum may drop to a low of $2,100.
