- After a longer consolidation, the Bitcoin price managed to reach the $53,000 level.
- We finally saw Ethereum above the $3000 level.
Bitcoin chart analysis
Following an extended consolidation period, Bitcoin successfully surged to the $53,000 mark. Just yesterday, a fresh peak emerged, hitting $53,015, a level last seen back in December 2021. However, that time around, the prices remained at this level only briefly before experiencing a pullback to $50,756. It’s noteworthy that during this retracement, the EMA200 moving average line offered robust support, and from there, a bullish consolidation phase commenced, propelling prices upwards to $52,500 as of this morning.
A lower high takes shape as Bitcoin struggles to muster the momentum to surpass previous levels, prompting a retreat below the $52,000 mark. The current low for today rests at $51,500, and as of now, we manage to maintain a position above this threshold. However, prolonged consolidation in this range raises the risk of slipping below, potentially giving rise to a new daily low. Possible downside targets include levels at $51,250 and $51,000.
Ethereum chart analysis
Ethereum has finally breached the elusive $3,000 mark. The initial testing of this level occurred tentatively yesterday, leading to a breakthrough this morning and the establishment of a new peak at $3,032. Following an extended period of bullish consolidation, fatigue set in, resulting in a pullback to the $2,925 level. The considerable distance from the previous high has intensified bearish pressure, hinting at the possibility of a more substantial retracement.
Possible lower targets include the $2,900 and $2,875 levels. Currently positioned at $2,940, maintaining a hold above today’s low presents an opportunity for initiating a fresh bullish consolidation. A move towards $2,975 could set Ethereum on a renewed bullish trajectory, offering another chance to challenge the $3,000 level. Potential higher targets to watch for are $3,025 and $3,050.
