Bitcoin is approaching $42,000, and Ethereum is near $2,300
Over the weekend, we saw a continuation of the Bitcoin price consolidation above the $39800 level. The price of Ethereum managed to stabilize above the $2150 level over the weekend.Bitcoin chart analysis
Over the weekend, we saw a continuation of the Bitcoin price consolidation above the $39800 level. At the beginning of this week, the price started an even stronger bullish consolidation with a jump to the $41800 level. We were at that level a year and a half ago. We are currently stalling at that level and pulling back to $41600. The price could pull back to $41300, and that level would be very important to us for the future movement of the Bitcoin price.
If we manage to stay above it, we will start a continuation of the bullish consolidation, and we will see the formation of a new high. Potential higher targets are $42000 and $42250 levels. We need a break below the $41300 support level for a bearish option. After that, we can expect to see a further pullback and look for support at lower levels. Potential lower targets are $41250 and $41000 levels.
Ethereum chart analysis
The price of Ethereum managed to stabilize above the $2150 level over the weekend. This produced a continuation of the bullish consolidation on Monday morning with the formation of a new high at the $2269 level. We still remain high, maintaining around the $2250 level. This could initiate a new bullish impulse and trigger further upside. Potential higher targets are $2280 and $2300 levels.
We need a negative consolidation and pullback to the $2220 level for a bearish option. In this way, we would initiate a decline and test the first support. A break below would increase the bearish pressure and influence the price of Ethereum to start a further pullback. Potential lower targets are the $2200 and $2180 levels.
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