Bitcoin above support at 37800 and Ethereum jumps above 2100
Yesterday, the price of Bitcoin had the opportunity to test the EMA50 moving average at the $37000 level.
For the third day in a row, the price of Ethereum is in a bullish consolidation, climbing again above the $2100 level.
Bitcoin chart analysis
Yesterday, the price of Bitcoin had the opportunity to test the EMA50 moving average at the $37000 level. After receiving the expectation of support, we see the initiation of a bullish consolidation that continues today up to the $37800 level. We are once again in the two-week resistance zone and need a break above the $38,000 level to release the bearish pressure. Potential higher targets are $38200 and $38400 levels.
We need a negative consolidation and price pullback below the $37200 support level for a bearish option. In the zone around $37000 we would have a new opportunity to test the EMA50 moving average. The inability to hold above creates a new break, and we see the formation of a new low. Potential lower targets are $36800 and $36600 levels.
Ethereum chart analysis
For the third day in a row, the price of Ethereum is in a bullish consolidation, climbing again above the $2100 level. We are currently seeing the formation of a seven-day high at the $2127 level. Yesterday and today, we had solid resistance in the zone around $2080. but we successfully got over it today. We now expect to see further continuation of Ethereum growth and the formation of new highs. Potential higher targets are the $2140 and $2160 levels.
For a bearish option, we need a negative consolidation and a pullback of the Ethereum price to support at the $2060 level. A break below this level would bring us down to testing the previous low at the $2040 level. There, we would already be under more bearish pressure, and a further drop in the price of Ethereum could easily happen. Potential lower targets are $2020 and $2000 levels.
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