Bitcoin and Ethereum: Prices Hit Two-Day Highs
- On Monday, the price of Bitcoin fell to 15500 levels.
- Today we see a continuation of the Ethereum price recovery above the $1150 level.
Bitcoin chart analysis
On Monday, the price of Bitcoin fell to 15500 levels. Since then, Bitcoin has been in a bullish trend. Today’s high is at the $16600 level, where we have some resistance. If we don’t break above, we could see a price drop to the $16,000 support level. Then the pressure would increase again on Bitcoin, which could slip below again and test the two-year low.
Such a scenario could lead to a break below and the formation of a new lower low. A potential lower target is the $15,000 level. For a bullish option, we need a positive consolidation and a return above the $16600 level. Then we need to stay up there and try to reach the $17,000 level with a new bullish impulse. Potential higher targets are $17250 and $17500 levels.
Ethereum chart analysis
Today we see a continuation of the Ethereum price recovery above the $1150 level. Today’s high is currently at the $1180 level. We currently have resistance at that level, and the price is making a real pullback to the $1160 level. We have additional resistance from the upper side in the trend line, and ETH has formed a new lower low for now.
For a bearish option, we need a negative consolidation and pullback to the $1150 level. A break below and staying below would increase the bearish pressure, which would negatively affect the price of Ethereum. Potential lower targets are $1100 and $1075 levels. For a bullish option, we need a positive consolidation and a move above the $1180 level. Then we would be very close to testing the $1200 resistance level. If we could manage to move above and hold there, we would have a good chance of seeing a continuation of the price recovery. Potential higher targets are the $1225 and $1250 levels.
