Bitcoin and Ethereum: Bitcoin back above $18000
- Yesterday, the price of Bitcoin recorded a new one-month high at the $18110 level.
- The price of Ethereum jumped to $1350 yesterday and thus formed a new December high.
Bitcoin chart analysis
Yesterday, the price of Bitcoin recorded a new one-month high at the $18110 level. Falling US inflation has brought the dollar index down, leading to a rise in Bitcoin. The price has returned to $17750, where it finds support and initiates a new bullish consolidation. We are currently at $17875 and moving slowly towards the $18000 level.
If the current consolidation continues, we could once again find ourselves above the $18,000 level. Depending on how we behave in that zone, the future movement of the bitcoin price also depends. Potential higher targets are $18250, then $18500 levels. We need a negative consolidation and a new pullback to the $17750 support level for a bearish option. A price drop below could drop us to the $17,500 level. A potential lower target and larger support zone are around the $17,250 level.
Ethereum chart analysis
The price of Ethereum jumped to $1350 yesterday and thus formed a new December high. A pullback followed this to support the $1325 level. Ethereum manages to consolidate and initiate a new positive consolidation and move above the $1330 level. For a bullish option, we need a continuation of that consolidation to the previous high at the $1350 level. A break above would be very positive for further developments. Potential higher targets are $1375 and $1400 levels.
We need a negative consolidation and pullback below this morning’s support zone for a bearish option. A break below could lower the price to the $1,300 support level. We could expect more support at that level, and if it doesn’t happen, a new break will follow below. A potential lower target is the $1275 level.