Ethereum
Bitcoin (BTC), Ethereum (ETH) – Technical Outlook
Bitcoin (BTC), Ethereum (ETH) – Pricesgraphics and analyses:
- BTC/USD – A break above short-term resistance can lead to longer-term upside.
- Ethereum – The technical setup looks increasingly positive.
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Bitcoin has been treading water over the past three weeks and little to suggest it is going up or down. The BTC/USD daily chart looks positive, with all three simple moving averages in a bullish pattern and supporting an uptrend, with a short-term series of higher lows and higher highs since the start of the month, adding to positive momentum. A breakout and open above $70,000 should quickly see $72,000 tested, leaving the ATH at $73,778 vulnerable. As demand for a range of global spot Bitcoin ETFs outpaces the halving of new Bitcoin supply, the medium-to-long term outlook for Bitcoin appears constructive.
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Daily Bitcoin Price Chart
The SEC’s recent approval for a range of Ethereum spot ETFs has seen the second-largest cryptocurrency by market capitalization perform strongly since late May. The nearly 20% bullish candle from May 20, and the period of consolidation that followed, constitutes a rough bullish pennant, once again pointing toward higher prices. The March 12 high at $4,095 is expected to be tested when the May 27 high at $3,974 is broken, leaving the November 2021 ATH at $4,860 the long-term target.
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Ethereum Daily Price Chart
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What is your view on Bitcoin and Ethereum – bullish or bearish?? You can let us know via the form at the end of this article or contact the author via Twitter @nickcawley1.
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