Ethereum begins new week on strong footing as bulls target key breakout levels

Key takeaways

• Bitcoin, Ethereum, and XRP started the week holding onto last week’s strong gains.
• Ethereum is approaching its 50-day EMA near $1,806, a key hurdle for extending its recovery.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) began the week on a constructive note after surging over 6%, 13% and 10% in the previous week. 

BTC holds steady below $63,000, ETH approaches a key technical resistance at $1,800, while XRP has broken above the upper boundary of a falling channel, strengthening the bullish outlook.

Ethereum tests key resistance near the 50-Day EMA

Ethereum (ETH) is also extending last week’s recovery after climbing more than 13%, trading near $1,784 on Monday.

The cryptocurrency is approaching a significant technical hurdle at the 50-day EMA around $1,806, which currently serves as the first major resistance level.

Despite the recent rebound, Ethereum remains below the 100-day EMA near $1,972 and the 200-day EMA around $2,241, leaving the broader trend tilted to the downside.

However, technical ...