Bitcoin and Ethereum: Jump of 8.80%
- Bitcoin price made a jump of 8.80% today.
- The price of Ethereum once again remained above the $1700 level after August 25th.
- Total crypto market capitalization adds 5.7% as it has yet to keep up with the leaders.
Bitcoin chart analysis
The price of bitcoin made a jump of 8.80% today. At the beginning of the day, the start was at $19,350, after which a bullish impulse followed, and the price jumped to $21,270. Now we see a minor pullback, and the price is consolidating around the 21000 level. If it manages to hold above, we could see a new bullish impulse. Potential higher targets are $21500 and $22000 levels. For a bearish option, we need a negative consolidation from this level. After that, the price could look for the first support at the $20,500 level; if it fails, we will go again to the $20,000 level of support. A price break below would probably take us down to the pre-consolidation $19,000-$19,500 level.
Ethereum chart analysis
The price of Ethereum once again remained above the $1700 level after August 25th. Today’s high was at the $1746 level, and now we have a minor pullback to the $1715 level and are looking for support at the $1700 level. If we succeed, a new bullish impulse and a continuation towards the $1800 level could happen. We need a negative consolidation and a return below the current support level for a bearish option. After that, the price should continue the bearish trend. Our target is yesterday’s support zone at $1600. Additional support at that place is in the MA200 moving average. A price break below could bring us back to the September minimum at the $1,500 level.
Total crypto market capitalization adds 5.7% as it has yet to keep up with the leaders. There is a local victory here, too crossing the 1 trillion, which needs to hold at least until the end of the week before we can talk about a bullish victory. Forward-looking markets focused on leading indicators that signaled pandemic-era high inflation would cool in the coming months.