Bitcoin and Ethereum: Bitcoin is hovering around $29450

The price of Bitcoin jumped to $29,680 yesterday after news of an interest rate hike by the Fed. Yesterday, we saw the Ethereum price attempt to reach $1900, but the momentum was stopped at the $1890 level.

Bitcoin chart analysis

The price of Bitcoin jumped to $29,680 yesterday after news of an interest rate hike by the Fed. After that, we see a new Bitcoin pullback to $29300 and get new support at that level. From there, we move into a new bullish consolidation and climb above the $29400 level. Thus, we returned to the previous bullish trend.

In the following, we need to break above the $29500 level and try to stay above it. With the next impulse, we would start the continuation of the recovery. Potential higher targets are $29,600 and $29,700 levels.

We need a negative consolidation and pullback below the $29300 level for a bearish option. After that, bitcoin could slip to $29,200 and thus form a new low. Potential lower targets are $29100 and $29000 levels.

Ethereum chart analysis

Yesterday, we saw the Ethereum price attempt to reach $1900, but the momentum was stopped at the $1890 level. After which, we see a pullback to the $1870 support level. Here we are getting new support and trying to trigger a bullish consolidation. We need to break above the $1880 level and hold there for some time before moving on with the recovery. Potential higher targets are $1890 and $1900 levels.

We need a negative consolidation and a price drop below the $1870 support level for a bearish option. After that, we could expect to see a continuation of the price retreat to lower levels. Potential lower targets are $1860 and $1850 levels.

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