• Bitcoin and Ethereum have seen a significant price increase in the past few days, with Bitcoin flying toward the $25,000 mark and Ethereum briefly surging above $1,700.
• Bitcoin is displaying a bullish bias from a technical perspective, but both digital assets face potential downside risks.
• Ethereum also experienced a surge of almost 9%, bouncing off the $1,490 level which is a Fibonacci retracement level.
Bitcoin and Ethereum See Significant Price Increase
Over the past few days, both Bitcoin and Ethereum have seen a significant price increase. Bitcoin flew to around $25,000 while Ethereum briefly surged above $1,700 on Wednesday.
Bitcoin Technical Analysis
Bitcoin’s price has been showing strength recently, climbing nearly 10% over the past 24 hours to its current price of $24,640 at the time of writing. The leading digital asset successfully surged above the key resistance level of $22,000 and remained well above the 200-day simple moving average. The price briefly spiked into the $25,000 resistance zone before being held back by bears defending their territory. If Bitcoin breaks this resistance zone it could push towards higher levels like $26,200 or even $27,000. However there is still potential for downside risk if it closes below support levels near $23,250 or even lower at around $22,500 or 21 400 respectively.
Ethereum Technical Analysis
Ethereum experienced an almost 9% surge in value to reach its current value of 1 680 at time of writing . It upwardly bounced off the 1 490 level which is located near 38 2 Fibonacci retracement level – another technical analysis tool used to identify potential support levels . If this trend continues , Etheruem may need some sort of catalyst to continue higher .
Risk Factors
Both Bitcoin and Ethereum still face potential downside risks despite their recent bullish trends . If these digital assets fail to break their respective resistances then they could be in danger of correcting downwards with strong bearish pressure .
Conclusion
Overall , both Bitcoin and Ethereum have seen impressive gains recently although they still face possible corrective actions if they fail to break their respective resistances . With that said , only time will tell what’s next for these digital assets as investors continue watching closely for any signs of bearish pressure or continued bullish trends .