The post What’s Next for Bitcoin (BTC) and Ethereum (ETH) Prices? appeared first on Coinpedia Fintech News

According to the latest analysis by analyst Crypto World, Bitcoin is showing signs of resilience as it bounces off crucial support levels. While the price is nearing short-term resistance, Ethereum and several other altcoins are also gearing up for potential breakouts.

Bitcoin is still within a bullish trend, marked by higher lows and higher highs. However, a bearish divergence observed about a week and a half ago has led to a period of choppy sideways price action. Typically, such divergences result in either sideways movement or a slight pullback.

In the shorter term, Bitcoin highlights a bounce from a significant support line that previously served as resistance. Short-term resistance levels at $43.1k to $43.4k have been breached, turning into potential support. Further upward movement could face resistance around $44.5k to $44.7k, with a breakout above $44.7k signaling a new yearly high.

The Bitcoin liquidation heat map reveals recent hits on liquidity zones around $43.6k to $43.8k, confirming earlier predictions. At the time of writing, Bitcoin is trading at $43,991, up by more than two percent.

Ethereum Price Analysis

Ethereum shows a bearish divergence, signaling a potential short-term pause in the bullish trend. Key support levels are identified around $2.1k to $2.15k. Despite the divergence, a falling wedge pattern suggests a bullish breakout could be on the horizon, with a price target near $2.4k.

On a shorter time frame,  Ethereum is potentially forming a double bottom pattern, indicating a bullish reversal. A breakout above $2,250 would confirm the pattern, with a technical price target of $2,350 to $2,360.

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Filed under: Bitcoin - @ December 22, 2023 1:36 am