From safe haven to risk asset – Bitcoin and Ethereum find fresh momentum

Bitcoin finished higher overnight at $74,447, up 5.23%, marking its strongest daily close in a month. Ethereum, meanwhile, surged 8.14% to finish at $2370, its highest daily close since late January. Both major cryptocurrencies delivered a solid session as broader risk sentiment showed continued signs of improvement.

Crypto’s split personality returns

This time last month, Bitcoin and Ethereum were riding an eight‑session winning streak and ranked among the top‑performing asset classes in mid‑March, keeping company with heating oil, West Texas Intermediate (WTI) crude oil and gasoline.

While the Middle East conflict clearly fuelled energy prices back then, crypto’s gains seemed driven by something different: investors treating Bitcoin and Ethereum as a safe haven against fiat uncertainty and geopolitical risks, especially as equities and gold came under pressure from surging energy costs and crowded positioning.

That eight‑day rally eventually ran out of steam as the Middle East conflict escalated and weighed on most assets.

Yet April has brought a noticeable shift in sentiment. Crypto is now showing the other side of its split personality, behaving more like a high‑beta risk asset and moving closely in step with equities. Bitcoin has gained 8.87% so far this month, while Ethereum has climbed 12.32%, both outpacing the Nasdaq 100, which is up 6.92% month to date.

Easing tensions provide a tailwind

The latest leg higher in risk assets is tied to easing Middle East tensions, with reports that Iran may be open to resuming talks and scaling back its uranium enrichment programme. That helped pull oil back from its intraday spike high of $105.63 yesterday and eased some of the inflationary fears that had been hanging over risk assets.

Network upgrades on the horizon for Ethereum

Ethereum, in particular, is benefiting from its higher‑beta nature and growing anticipation around upcoming network upgrades. Traders are looking ahead to the Glamsterdam upgrade, which aims to improve the network’s speed and reduce fees. Attention is also turning to the subsequent Hegota upgrade later in 2026, which could introduce Verkle Trees, a new and more efficient way of storing data that should help the network scale more effectively in the long run.

What’s next for Bitcoin and Ethereum

Looking ahead, the drivers for Bitcoin and Ethereum will remain the Middle East situation, particularly how long the Strait of Hormuz blockade lasts, along with shifts in global liquidity and overall risk appetite. If oil continues to settle and equities keep finding support, Bitcoin has scope to push higher. However, another spike in geopolitical tension could see the correlation trade reassert itself quickly.

Bitcoin technical analysis

Technically, the current rally from the February low near $60,000 is showing a striking similarity to the corrective pattern that followed the November low at $80,537. In line with this parallel, we expect the upper boundary of the rising trend channel, currently sitting near $79,000, to act as near‑term resistance and potentially cap upside before a retest, and possible breach, of the early February support zone around $60,000.

For a more constructive medium‑term outlook to take hold, Bitcoin would need to achieve a sustained break and daily close above the trend‑channel resistance at $79,000, followed by a decisive move above the 200‑day moving average (MA), which currently lies near $87,520.

Bitcoin daily candlestick chart

Ethereum technical analysis

Like Bitcoin, Ethereum’s rally from the early February low of $1742 is mirroring the corrective structure seen after the November low near $2620. Following this parallel, the upper edge of the rising trend channel, currently around $2500, is likely to cap gains in the short term and open the door to a retest of trend‑channel support near $1975, with a deeper move towards the $1742 low possible if selling pressure builds.

For a more bullish medium‑term picture to emerge, Ethereum would need a convincing break and daily close above the trend‑channel resistance near $2500, followed by a sustained move above the 200‑day MA, which sits around $2900.

Ethereum daily candlestick chart

• _{Source: TradingView. The figures stated are as of 14 April 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}