Bitcoin and Ethereum: BTC above $17000 and ETH above $1300
- Bitcoin broke above the $17,000 mark yesterday for the first time in two weeks.
- After almost two months, the price of Ethereum once again found itself above the $1300 level.
Bitcoin chart analysis
Bitcoin broke above the $17,000 mark yesterday for the first time in two weeks. The impulse stopped at the $17250 level, after which we see a pullback to $17000, where we get support again and start a new bullish recovery. We need a positive consolidation and a move above the $17250 level.
Then we need to stay up there and, with the next impulse, trigger a further recovery in the price of Bitcoin. The potential next higher target is the $17500 level. For a bearish option, we need a negative consolidation and a drop below the $17000 support level. After that, we must hold it down and wait for the next bearish impulse. Potential lower targets are $1675 and $1650 levels.
Ethereum chart analysis
After almost two months, the price of Ethereum once again found itself above the $1300 level. We did not stay up there for long, and a pullback to the $1275 level followed. Price manages to hold above this support. For a bullish option, we need a positive consolidation and a return to the $1300 resistance level. A price breakout above would be very beneficial for us to continue the Ethereum price recovery.
Potential higher targets are $1325 and $1350 levels. We need negative consolidation and a price drop below today’s support level for the bearish option. Then we could find ourselves at the $1250 support level. A break below could extend the Ethereum price’s further pullback. And potential lower targets are $1225 and $1200 levels.