Bitcoin Price Analysis: Ethereum Climbs Above $2900 Level
- On Saturday, the price of Bitcoin was under bearish pressure to start a deeper pullback.
- On Saturday, the price of Ethereum was retreating to the $2725 level.
Bitcoin chart analysis
On Saturday, the price of Bitcoin was under bearish pressure to start a deeper pullback. Bearish momentum brought Bitcoin down to the $50647 level, forming a new price low. Then we manage to stop there, start with a bullish consolidation, and return above the $52000 level. Today’s movement is stable in the $52000-$52500 range.
We expect this week to see the continuation of the bullish trend and the growth of Bitcoin to higher levels. Potential higher targets are $52750 and $53000 levels. We need a price pullback below the $52000 level for a bearish option. The next critical level could be $51750. A drop below it would break the previous bullish formation and increase bearish momentum. Potential lower targets are $51500 and $51250 levels.
Ethereum chart analysis
On Saturday, the price of Ethereum was retreating to the $2725 level. After receiving support in that zone, the price started a bullish consolidation, and today, it climbed to the $2930 level. At the beginning of the day, we had a short consolidation of around $2900, and we successfully broke out of it and formed a new high.
The price is still holding high at $2915 and is close to attacking the previous high again. Potential higher targets are $2950 and $2975 levels. For a bearish option, we need a pullback below the $2900 level and the formation of a new low in the zone around the $2850 level.
With that move, we would move away from the previous high, increasing the pressure on Ethereum to start a pullback. Potential lower targets are $2825 and $2800 levels.
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