Bitcoin recovered to $37500 and Ethereum near $2100
- The price of Bitcoin fully recovered yesterday after falling the day before to the $35539 level.
- Ethereum price yesterday took a big step towards forming a new high at the $2092 level.
Bitcoin chart analysis
The price of Bitcoin fully recovered yesterday after falling the day before to the $35539 level. It managed to form a new weekly high at the $37865 level. We stopped at that level and began a pullback to support at the $37,200 level. We have received support, in for now, we are moving in a lateral consolidation above that level. The current price is $37400, and we expect to see a rise above $37500 by the end of the day.
Potential higher targets are $37600, $37800 and $38000 levels. We need a negative consolidation and a price drop below the $37,200 support level for a bearish option. A drop below would lead to the formation of a new daily low, and thus, we would have confirmation of bearish pressure on the price. Potential lower targets are the $37,000 and $36,800 levels.
Ethereum chart analysis
Ethereum price yesterday took a big step towards forming a new high at the $2092 level. We started Wednesday at $1930 and closed the day at $2092. After that, we see a pullback and drop to the $2055 support level. We get support at that level and climb to the $2070 level. Now, we need a break above to start a further recovery. Potential higher targets are $2080 and $2100 levels.
We need a negative consolidation and a drop below the $2050 level for a bearish option. Thus, we would form a new daily low price, which could influence us to see a continuation of the retreat to lower levels. Potential lower targets are $2040 and $2030 levels. The EMA50 moving average is in the zone around the $2010 level, but it is not excluded that we visit it.
