The price of Bitcoin tested the support at the $22650 level twice yesterday. Ethereum reconfirmed support at the $1600 level yesterday. The price of Bitcoin tested the support at the $22650 level twice yesterday. Since then, we have seen bullish consolidation and price growth up to $23,000. Currently, the price is hovering around that level. If this positive consolidation continues, we could see a more concrete move above and the formation of a new high at the $23200 level.
There would be a good springboard for a new bullish impulse and continued rise in the price of Bitcoin. Potential higher targets are $23500 and $23750 levels. We need a negative consolidation and a new decline to yesterday’s support for a bearish option. A break below would probably take us down to the $22500 level.
Ethereum analysis
Ethereum reconfirmed support at the $1600 level yesterday. This was followed by a bullish impulse and a jump above the $1640 level. We are now looking at the $1660 level as the next hurdle, and we need a break above for further upside. Potential higher targets are $1675 and $1700 levels. We need a negative consolidation and a new descent to the $1600 level for the bearish option. A drop below that zone could cause the price to continue sliding downwards. Potential lower targets are $1575 and $1550 levels.
