Bitcoin and Ethereum: Crypto prices jump ahead of CPI report
- The price of Bitcoin rose for the first time in 30 days to the $17493 level.
- Ethereum is once again approaching the $1300 resistance level.
Bitcoin chart analysis
The price of Bitcoin rose for the first time in 30 days to the $17493 level. This morning we saw a break above the $17,250 level, which was our resistance in the previous 12 days. For a bullish option, we need a positive consolidation and a hold above the $17250 level if we want to see a continuation of the Bitcoin price recovery. We also need to see a price break above $17500 and a new higher high formation. Potential higher targets are $17750 and $18000 levels. We need a negative consolidation and a price drop to the $17250 support level for the bearish option. A break below could take the Bitcoin price down to the $17,000 support level. Potential lower targets if bearish pressure continues are $16750 and $16500.
Ethereum chart analysis
Ethereum is once again approaching the $1300 resistance level. Today’s high was at $1299, just below. Now we have a minor pullback to the $1290 level. During December, Ethereum repeatedly tried to make a concrete step and break above $1300, but everything was unsuccessful, and we always saw a pullback. We have a new chance right now, and ETH could use it to its advantage. We need a positive consolidation and a break above the $1300 level to continue the bullish option. Then we need to try to keep up there. If we succeed in that, the potential higher targets are the $1352 and $1350 levels.
For a bearish option, we need a negative consolidation and a price drop to the $1275 support level. A break below would increase bearish pressure leading to a continued pullback in Ethereum price toward the $1250 support level. Additional support at that level is in the lower trend line. A potential lower target if we break below that support is the $1225 December low.