"Trump's Crypto Reserve Boosts Bitcoin, Cardano Surges 72%"

On March 2, US President Donald Trump announced a crypto strategic reserve that included Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). The news triggered a significant buying spree, with Bitcoin rising from about $85,000 to $95,000 and Cardano surging more than 72%. Other altcoins also witnessed a strong rally.

However, industry experts have cautioned that establishing a US crypto reserve will take time, as it requires a vote in Congress. Nicolai Sondergaard, research analyst at Nansen, told Cointelegraph that the tokens selected for the crypto reserve are likely to experience volatility.

Prior to Trump's announcement, the cryptocurrency sector was experiencing a negative sentiment. CoinShares reported $2.9 billion in outflows from cryptocurrency exchange-traded products the previous week, marking the third consecutive week of outflows after a 19-week inflow streak.

After the initial reaction of short covering and buying by traders, the question remains: will the rally continue? To determine the support and resistance levels, let's analyze the charts.

Bitcoin price analysis

Bitcoin fell below the 20-week exponential moving average ($90,623) last week and dipped near the 50-week simple moving average ($75,534), but the long tail on the candlestick shows solid buying at lower levels.

The upsloping moving averages indicate an advantage to buyers, but the negative divergence on the relative strength index (RSI) suggests that the bullish momentum is weakening. If the price slips and maintains below the 20-week EMA, it will signal the start of a corrective phase that could reach the 50-week SMA.

Contrarily, if the price remains above the 20-week EMA, it will indicate that the sentiment remains positive, and traders continue to buy the dips. That improves the prospects of a retest of the all-time high at $109,588. A break above $109,588 could start the next leg of the uptrend to $138,000.

Ether price analysis

Ether has been range-bound between $