Bitcoin and Ethereum: Bitcoin jumps to the $37978 level

Bitcoin chart analysis

Yesterday, we saw a new bullish impulse in the price of Bitcoin up to the $37978 level. The joy up there was short-lived, and the price fell to $35784. We managed to get support there and start a bullish consolidation that takes us up to the $36,900 level. The price stops in that zone and makes a pullback to the $36400 support level. For now, we are managing to hold on there and expect to see a recovery from there.

We need a positive consolidation that would push us back above the $37,000 level. Then, we would have to hold above there and wait for the next impulse that would trigger a further recovery to the bullish side. Potential higher targets are $37200 and $37400 levels.

Ethereum chart analysis

Yesterday was a very successful day for the price of Ethereum, as we saw a jump to the $2136 level. The price stopped at that level, and we saw a pullback to the $2080 level, where for now, we have support and are recovering slightly to the $2100 level.

Now, we expect to see if the price will manage to consolidate in that zone and start a continuation of the recovery, or we will see a break below and pull down, looking for a support level.

For a bullish option, we need a positive consolidation and a jump above the $2120 level. That way, we would be close to the previous high and could be preparing for a retest soon. Potential higher targets are the $2140 and $2160 levels. For a bearish option, we need a negative consolidation and a drop below the support at the $2080 level.

A break below would indicate an increase in bearish pressure and a possible price pullback. Potential lower targets are $2060 and $2040 levels.

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