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ETH is expected to firmly hold above the 1600 level this week
I.
Currently, BTC is hovering around $59,300, and ETH is trading near $1,585. Multiple macro and industry logics support ETH to firmly hold the 1600 level this week.
On the macro level, the US dollar continues to weaken, rising expectations of interest rate cuts reduce the holding cost of crypto assets, and eased geopolitical tensions boost global risk appetite.
On the policy front, consultations on US crypto regulations continue to advance, and clearer regulatory expectations attract institutional bottom-fishing. On-chain whales continue to accumulate coins, ETH inventory on exchanges declines, and selling pressure is fully released; the market is in an extreme fear oversold zone, with sufficient momentum for short covering.
Combined with stable demand from Ethereum's RWA and L2 ecosystem, BTC's stabilization drives market recovery, short-term buying is concentrated around the 1600 level. Under multiple resonances, ETH has a high certainty to break through and firmly hold above 1600 this week.
II.
Currently, ETH is quoted around $1,580. The daily Bollinger Band middle line is at $1,673, with the 1600 level acting as a key short-term resistance. Below, the lower Bollinger Band at $1,528 provides strong support, and the previous low at $1,505 has formed an effective bottom, leaving limited downside space.
The MACD histogram bars continue to narrow, with DIFF gradually converging towards DEA, indicating a significant decline in bearish momentum and a bottom reversal signal; the RSI indicator remains near 35, not yet entering the oversold zone, leaving ample upside space.
The daily price has been oscillating and rising from the low, with both highs and lows moving upward, forming a bottoming pattern. BTC's stability at $59,300 drives risk sentiment recovery in the broader market, and short-term bulls are well-accumulated. The 1600 level is only a minor resistance. With indicator repair and bottom support, bulls can break through and hold above 1600 this week.👌$BTC $ETH