Global financial markets are rather calm at the beginning of a new week as no escalation in the Middle East occurred over the weekend. However, there is an asset class that is standing out today and those are cryptocurrencies. Strong gains can be spotted on the digital assets markets at the beginning of a new week. Cryptocurrencies continue the strong rally seen last week, fuelled by rumors on spot Bitcoin ETF approval. Bitcoin added almost 10% during the previous week, booking the biggest weekly advance since June. Bitcoin is up 3.2% today while Ethereum gains 3%.
Taking a look at ETHEREUM chart at D1 interval, we can see that the coin has been trading in an ascending triangle pattern recently. A recent move below the trendline serving as a lower limit of the pattern turned out to be a false breakout and the pair resumed moving higher. A key short-term resistance zone in the $1,700 area is being tested today and should bulls push the price above it, the coin would be trading near 2-month highs. In such a scenario the next resistance to watch would be the $1,815 swing level.
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Source: xStation5
