Bitcoin and Ethereum: Ethereum bounces back above $2400
- The price of Bitcoin made a bullish impulse last night to the $47897 level, forming a new high this year.
- The price of Ethereum managed to break the $2400 level in the previous hour.
Bitcoin chart analysis
The price of Bitcoin made a bullish impulse last night to the $47897 level, forming a new high this year. We stopped there and started a pullback with the formation of a low at the $44903 level. We managed to get support in that zone and get back above the $45000 level. The price has partially recovered to $46290, and in that zone, we encounter resistance that does not allow us to move above it for now. From that level, we start a new bearish consolidation and fall to the $45200 level.
A new breakout below would drop us back down to test the $44,800 level and the EMA50 moving average. The inability to hold above leads to falling below and forming a new daily low. Potential lower targets are $44400 and $44000 levels. For recovery, we need to return to the zone around $46,300. A breakout above is then needed to trigger a bullish recovery. Potential higher targets are $46800 and $47200 levels.
Ethereum chart analysis
The price of Ethereum managed to break the $2400 level in the previous hour. At the beginning of the day, we saw momentum that rose to that level but failed to break above. This was followed by a pullback to support at the $2345 level. Ethereum successfully gains support with bullish consolidation; it crosses $2400 and makes a high at $2427. Now, we expect to see a continuation to the bullish side, and the potential higher targets are $2440 and $2460 levels.
We need a negative consolidation and a new pullback to the $2345 support level for a bearish option. A drop below would form a new low and confirm bearish momentum to continue to the bearish side. The price would continue to slide, and the potential lower targets are $2320 and $2300. Additional support is the EMA50 moving average in the zone around $2300.
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