Bitcoin and Ethereum: Bitcoin within reach of $38000 again

Bitcoin chart analysis

Yesterday was favourable for the Bitcoin price as we saw a strong bullish consolidation. The price received support at the $36000 level and crossed above the EMA50 moving average. Such a move gave rise to a strong bullish impulse that pushed the price up to 37975 levels. In this way, we tested last week’s high at the $37978 level. We are still under resistance in that zone, and the price makes a pullback and falls to the $37400 support level.

A break below this level could further shake the price of Bitcoin and send it down to test the $37,000 support level. Potential lower targets are $36800 and $36600 levels. The EMA50 moving average is now in the zone around the $36400 level. We need a positive consolidation and a move above the $37600 level for a bullish option. Then, we would have to hold on above so that we could start further recovery from there. Potential higher targets are $37800 and $38000 levels.

Ethereum chart analysis

Yesterday, the price of Ethereum was in a bullish trend until this morning at the 2080$ level. There, we encounter resistance and see a pullback to support at the $2050 level. Here, we are testing the price from this week’s open, which could provide us with additional psychological support to hold above before continuing the recovery. Potential higher targets are $2100 and $2120 levels.

We need a negative consolidation and a price pullback below the $2040 level for a bearish option. Thus, we would form a new today’s low that could trigger a deeper withdrawal of the price of Ethereum to lower support levels. Potential lower targets are $2020 and $2000 levels. The price could receive additional support in the EMA50 moving average in the zone around the $2020 level.

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