Bitcoin crosses $42000 and Ethereum is close to $2280
The price of Bitcoin climbed to a new high yesterday at the $42404 level.
Yesterday we saw the Ethereum price jump to $2274, forming a new price high there.
Bitcoin chart analysis
The price of Bitcoin climbed to a new high yesterday at the $42404 level. After the formation of a new high, the price retreats below the $42,000 level to support at $41,400. For now, we are holding above the support level and waiting for a new bullish consolidation for a new rise above $42000 and a continuation of the bullish option. Potential higher targets are $42250 and $42500 levels.
We need a negative consolidation and a drop below major support at the $41250 level for a bearish option. A break below it would form a new low and thus strengthen the bearish option. Potential lower targets are $41000 and $40750 levels. The EMA50 moving average remained low in the zone around the $39,500 level.
Ethereum chart analysis
Yesterday we saw the Ethereum price jump to $2274, forming a new price high there. We stop at that level and start a pullback to the $2220 level. We get the first support there and recover to the $2260 level, where we encounter a new resistance and form a lower high. Then, we see a bearish consolidation and a drop below $2200, stopping at the $2190 level. A break below this support would form the next low and thus confirm a bearish option in the coming period.
The initial lower targets are the $2180 and $2160 levels. Additional support is in the EMA50 moving average in the zone around the $2140 level. for a bullish option, we need a positive consolidation and a move up to the $2240 level. Then we should hold there so that from there, we can start a continuation of the recovery to the bullish side. Potential higher targets are $2260 and $2280 levels.
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