Bitcoin and Ethereum: Bitcoin is back above $25000
- The price of Bitcoin jumped to $25,265 yesterday.
- Yesterday, Ethereum formed its new higher high at the $1742 level.
Bitcoin chart analysis
The price of Bitcoin jumped to $25,265 yesterday. A bearish consolidation and price pullback followed this to the $23,500 level. Today, the price is moving sideways in the $23500-$23800 range. If we manage to stay above this support, a new bullish impulse and a return to the zone around the $25,000 level could follow.
This scenario could lead to a break above and the formation of a new higher high. We need a negative consolidation and a drop below the $23500 support level for a bearish option. With negative consolidation, bitcoin could fall and look for support at lower levels. Potential lower targets are $23000 and $22500 levels.
Ethereum chart analysis
Yesterday, Ethereum formed its new higher high at the $1742 level. This was followed by a quick pullback and a drop to the $1632 level. Then, we see a slight recovery and continuation through the sideways movement in the $1650-$1675 range. If there is a breakthrough above the $1675 level, we could then expect the price to continue toward the $1700 level. And above, we would have a better position to attack the previous high and to break above.
We need a drop below the $1650 level for a bearish option. Thus we would be on our way to testing the previous level of support. A break below could lead Ethereum’s price continues its pullback. Potential lower targets are $1625 and $1600 levels.
