Bitcoin and Ethereum: Ethereum treads above $2600 level

• US regulators have approved for the first time the establishment of exchange-traded funds based on the digital currency bitcoin, whose market is currently estimated at around $1.7 trillion.
• Yesterday’s bullish consolidation pushed the price of Ethereum to the $2644 level.

Bitcoin chart analysis

US regulators have approved for the first time the establishment of exchange-traded funds based on the digital currency bitcoin, whose market is currently estimated at around $1.7 trillion. This caused increased volatility in the price of Bitcoin yesterday, so we first saw a drop to $44400 and then a bullish consolidation to the $47770 level. After that, the price makes a new pullback, but now up to the $45600 level, where we get new support and form a higher low.

Since then, we are back in a bullish consolidation and expect to see a continuation above the $46400 level. Potential higher targets are $46800 and $47200 levels. We need a negative consolidation and a drop back to $45600 for a bearish option. Sliding below leads to forming a new low and thus confirms the bearish momentum. Potential lower targets are $45200 and $44800 levels. EMA50 moving average is in the zone around $45200 levels.

Ethereum chart analysis

Yesterday’s bullish consolidation pushed the price of Ethereum to the $2644 level. With this jump, this year’s new high was formed, and the previous time we were at that level was in May 2022. Today, we are looking at consolidation taking place in the $2560-$2620 range. The price of Ethereum remains high, which could influence us to see a break above and the formation of a new high. Potential higher targets are $2680 and $2700 levels.

We need a pullback to the $2560 level for a bearish option. Then, a break below is needed to confirm the bearish presence. After that, we expect to see a further pullback and the formation of a new low. Potential lower targets are $2520 and $2480 levels. The EMA50 moving average remains low at the $2360 level.

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