BTC and ETH hold key levels as traders eye next breakout
Bullish trends persist for BTC and ETH, but oscillators show overbought conditions.
Bitcoin is holding firm above $108,000, trading at $108,387 as of 8 July. Despite a slight daily dip, longer-term indicators support a bullish trend.
The Relative Strength Index remains neutral at 58.7, while the Stochastic RSI indicates short-term overbought conditions, hinting at a potential pause in momentum.
Shorter timeframes reveal signs of indecision. On the hourly chart, over half of key moving averages lean bearish, and the 4-hour chart shows converging exponential moving averages and tightening Bollinger Bands.
Such patterns often suggest an incoming burst of volatility. Bitcoin faces immediate resistance at $109,700 and $110,000, with a breakout possibly clearing the path to $112,000 or even $137,000. On the downside, traders closely watch support at $107,000 and $105,400, with further risk below $102,000.
Ethereum remains steady at nearly $2,555, trading within a narrow range of $2,500 to $2,600. All major moving averages signal a continued bullish bias, although oscillators such as the RSI (54) and Stochastic RSI (near 85) show signs of exhaustion.
Resistance levels lie between $2,600 and $2,620, with a more decisive breakout potentially driving ETH toward $3,000 or even $4,100. Key support zones are found at $2,500 and $2,440. While short-term caution is warranted, overall, the structure remains optimistic as institutional support strengthens ETH’s position.
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