• Thu. Apr 18th, 2024

Bitcoin Eyes $25,000 Mark, Ethereum Hits New Highs

Feb 20, 2023

Technical Analysis of the Bitcoin Price

During the course of the last day and a half, the cost of one Bitcoin has increased by about 10%. It is taking its price to a current level of $24,640.

The significant digital asset has made such remarkable progress that it is currently trading over the key resistance level of $22,000.

Also, it is trading above the simple moving average of the past 200 days. The recent increase in price was responsible for both of these accomplishments being attainable.

The price of cryptocurrency surged to a new all-time high of 24,246.92. This was higher than the previous swing high. The temperature rose as the bears came out of their dens to protect their area from the other bears.

These traders will probably have their eyes set on keeping the price from going any higher than $25,000 in their sights. Momentum may carry Bitcoin’s price over $26,200 and perhaps $27,000 if it can break through the $25,000 barrier.

Even though the bears defended the $25,000 zone, the bulls have support levels, including one at $24,250. The most important level of support for a breakdown may be seen in the region of about $23,250.

In the days that follow, there is a chance that there may be still another reduction in price. If the price is able to finish lower than the $23,250 level, the trade will be considered successful.

In the event that the aforementioned scenario comes to pass, the support levels at $22,500 and $21,400 might be tested once again.

More Than Nine Percent Was Added To Ethereum’s Worth

Owing to the fact that the prices of many cryptocurrencies have the propensity to trend in the same direction. It shouldn’t come as much of a surprise that the value of Ethereum has also been on the rise in recent times.

The value of Ethereum increased by over 9% at the same time period that Bitcoin’s value increased by more than 10%. The cost of one Ether token was one thousand six hundred and eighty dollars at the time this article was written.

But, some sort of catalyst could be required for its price to keep going up in order for it to continue. From a purely technical standpoint, the ETH chart exhibits what appears to be a bullish tilt in recent trading.

The price was able to break out to the upside after finding support at the level corresponding to the 38.2% Fibonacci retracement. This level, 1,490, served as a springboard.

A Fibonacci retracement level is one of the instruments that is utilized in technical analysis. Discovering probable support and resistance levels in a market trend is the purpose of this technique.

The use of a Fibonacci extension might be used to attain this goal. This is based on the notion that markets often retrace a certain proportion of a move after making a significant move.

After doing so, they continue to travel in the direction that they were moving in before the retracement. This is the premise around which this argument is constructed.

ETH might rise to $1,785 if the bulls breach the $1,700 double-top resistance mark. If the current positive trend is allowed to continue, there is a possibility that the price would finally hit $1,890.

Despite this, and despite the fact that the price increase of roughly 9% is a decisive upward move. The currency is still trading within an expanding triangle formation, which offers serious opposition above it.

This is due to the fact that the formation functions as a floor for the price of the currency. This is due to the fact that the formation functions as a floor for the cost of the currency.

Because of this, their activities frequently define the overall direction of the industry as a whole. As a consequence of this, it is important to keep a close eye on what they do at all times.

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