Bitcoin and Ethereum: Crypto market without movement
- Bitcoin price continues its sideways movement during the Christmas holidays.
- Ethereum price retested support at the $1200 level yesterday.
BITCOIN chart analysis
Bitcoin price continues its sideways movement during the Christmas holidays. The price is still above the $16750 level and had minor jumps to the $16900 level. After the holidays, we could expect increased volatility in the market and, therefore, the movement of the price of bitcoin. For a bullish option, it would be desirable to move above $17000 and thus form a new bottom. After that, we need a positive consolidation to continue the potential subsequent recovery. The next targets are the $17,250 and $17,500 levels. A drop below $16750 could extend the bearish option. Then, we would be looking at the $16500 and $16250 support levels.
Ethereum chart analysis
Ethereum price retested support at the $1200 level yesterday. After this, we returned to the zone of the previous movement around the $1220 level. We need a more concrete break above and a move to $1250 if we want to see any progress. Then we need to hold up there and form a new bottom for the next bullish impulse. Then we would have a chance to reach $1,275 and maybe $1,300. A break below could open a new bearish option if we find ourselves at the $1200 level again. A negative consolidation would follow, directing us toward last week’s lows. Potential lower targets are $1175 and $1150 levels.
