Bitcoin and Ethereum: BTC in profit at the end of the month
- This morning, the price of Bitcoin broke above the $17,000 level for the first time since November 15.
- The price of Ethereum rose this morning to a fresh two-week high at the $1280 level.
Bitcoin chart analysis
This morning, the price of Bitcoin broke above the $17,000 level for the first time since November 15. After that, we see a pullback and another bearish consolidation for a potential new drop in the price of Bitcoin. For something like that, we need a continuation of this consolidation and a pullback to the $16,500 support level.
A break below could further increase bearish pressure on the price. Potential lower targets are the $16,250 and $16,000 levels. For a bullish option, we need a new positive consolidation and a return above the $17000 level. Then we would have to stay up there to attempt further recovery. Potential higher targets are the $17,250 and $17,500 levels.
Ethereum chart analysis
The price of Ethereum rose this morning to a fresh two-week high at the $1280 level. After that, we see stagnation, a slowing down of bullish momentum, and bearish consolidation that pulls the price up to the $1260 level. Currently, increased pressure could push the price below the $1250 level. That would allow us to see a deeper pullback.
Potential lower targets are $1225 and $1200 levels. For a bullish option, we need a new positive consolidation and a return above the $1275 level. After that, we would have to stay up if we want to see a continued recovery in the price of Ethereum. If we succeed in that, the potential higher targets are $1300, then $1325 levels.
