Bitcoin (BTC), Ethereum (ETH) Surge to Fresh 18-Month Highs
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Bitcoin (BTC) Prices, Charts, and Analysis:
Bitcoin and Ethereum both took a significant leg higher over the weekend, breaking through prior resistance and testing levels last seen in May last year. The cryptocurrency space has been positive for the past few weeks as investors wait for news on the dozen spot Bitcoin ETF applications sitting on the SEC’s desk. A CNBC report last week that SEC representatives met with BlackRock and Grayscale further boosted the bullish market sentiment. BlackRock has filed for both a Bitcoin and an Ethereum spot ETF and their involvement in the space is seen as important. BlackRock has had 575 out of 576 of its ETF applications approved.
The technical outlook for Bitcoin has been positive since mid-October when BTC/USD produced a bullish pennant pattern. This coincided with a bullish 50-day/200-day moving average crossover – Golden Cross - and was subsequently followed by a series of higher lows. Prior highs at $38k and $40k have both been broken with ease in the last four sessions. The next level of horizontal resistance comes in just under $43k.
Bitcoin (BTC/USD) Daily Price Chart – December 4, 2023
Ethereum has underperformed Bitcoin this year but has still rallied from around $1,200 to $2,260 since the start of the year. The ETH/USD charts also remains positive with a Golden Cross produced on November 21st and a clear series of higher lows seen since late October. Last Friday’s clean break of resistance at $2,140 opens the way for ETH to rally further with $2,500 and then $3,000 the next logical stopping points.
Ethereum (ETH/USD) Daily Price Chart – December 4, 2023
Charts via TradingView
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