Bitcoin and Ethereum: Ethereum after a long time above $3000

• 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

After a longer consolidation, the Bitcoin price managed to reach the $53,000 level. Yesterday, a new high was formed at the $53015 level. The previous time the prices were there in December 2021. We stayed above for a short time, and a pullback to the $50756 level followed. We touch the EMA200 moving average line at that level and get its support. Then prices started a bullish consolidation, taking us up to the $52500 level this morning.

There, we form a lower high because Bitcoin does not have the strength to go above but makes a new retreat below the $52000 level. Today’s low price is at the $51500 level, and we are holding above that level for now. Staying in this zone for too long could lead to a drop below and the formation of a new daily low. Potential lower targets are $51250 and $51000 levels.

Ethereum chart analysis

We finally saw Ethereum above the $3000 level. Yesterday, the price first timidly tested $3000, so this morning, we saw a break above and the formation of a new high at the $3032 level. The price got tired after a long bullish consolidation, so a pullback to the $2925 level followed. We have moved away from the previous high quite a bit, and now there is increasing bearish pressure to make a deeper pullback.

Potential lower targets are $2900 and $2875 levels. We are currently at the $2940 level, and if we manage to hold above today’s low, we will have the opportunity to initiate a new bullish consolidation. By moving up to $2975, the price of Ethereum would start the bullish momentum, and we would again have the opportunity to test the $3000 level. Potential higher targets are $3025 and $3050 levels.

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