The price of Ethereum continues to consolidate around the $1200 level.
Bitcoin chart analysis
Bitcoin price is in a new attempt to start a bullish impulse. This morning we found support at the $16,300 level, and from that moment, we see bullish consolidation and a move above the $16,500 level. Now we are looking at how the price will behave at the $16600 level, and if I see a break above, we could expect the bullish trend to continue during the weekend.
The next target is the previous high at the $16,800 level; then, we hope that bitcoin will have the strength to move up to the $17,000 level. For a bearish option, we need a negative consolidation and a drop below the $16300 level. After that, increased bearish pressure could further influence the price to make a new bearish move. Potential lower targets are the $16,000 and $15,500 levels.
Ethereum chart analysis
The price of Ethereum continues to consolidate around the $1200 level. This morning we had one pullback to $1170, but we quickly returned to the $1200 level. Now we need a break above and try to stay up. Then, with a new bullish impulse, we could expect a further recovery of the price of Ethereum. Potential higher targets are the $1225 and $1250 levels.
For a bearish option, we need a negative consolidation and price pullback to this morning’s low. A price drop below would strengthen the bearish pressure. Such a scenario would lead us to see a continuation of the fall in the price of Ethereum. Potential lower targets are $1150 and $1100 levels.