Bitcoin and Ethereum: Bitcoin bounces back above $26500
- The price of Bitcoin continues its bullish consolidation, forming a new September high this morning at the $26535 level.
- The price of Ethereum jumped to $1637 this morning, forming a new weekly high.
Bitcoin chart analysis
The price of Bitcoin continues its bullish consolidation, forming a new September high this morning at the $26535 level. After that, we see a slight pullback to support at the $26,200 level. From there, we start the current positive consolidation and move above the $26300 level. The price has support at the EMA50 moving average, and this could encourage Bitcoin to start a further recovery. Potential higher targets are $26600 and $26800 levels.
For a bearish option, we need a negative consolidation and a price drop below the $26200 support level. After that, we can expect a pullback to the $26000 level and the EMA50 moving average. A break below would mean that the price is under pressure to continue on the bearish side. Potential lower targets are $25800 and $25600 levels.
Ethereum chart analysis
The price of Ethereum jumped to $1637 this morning, forming a new weekly high. From there, we see a pullback to support at $1613, and there, we encounter support at the EMA50 moving average. The price then climbs to the $1620 level and could trigger further recovery if it continues with positive consolidation. Potential higher targets are $1640 and $1650 levels.
We need a negative consolidation and a drop below the EMA50 and the $1610 level for a bearish option. After that, we would be able to test the $1600 level. A price drop below that support would increase uncertainty, and we would likely see a further pullback to lower levels. Potential lower targets are $1580 and $1560 levels.
