- Yesterday, the price of bitcoin formed a new December high at the $18375 level.
- Yesterday, the Ethereum price tested the $1350 level for the second time this month.
Bitcoin chart analysis
Yesterday, the price of bitcoin formed a new December high at the $18375 level. Soon a pullback occurs, and the price falls below the $18,000 level. During today’s day, the pullback continues, and the price fell to the $17,600 level this morning. The current price consolidation is around the $17,700 level, with a tendency to see a further decline to the $17,500 level. Today’s actions by central banks to raise interest rates and yesterday the FED did the same led to the appreciation of fiat currencies and the decline of cryptocurrencies.
Bitcoin could continue to $17500, where we should find some support and slow down the current decline. Potential lower targets are $172500 and $17000 levels. For a bullish option, we need a positive consolidation and a return above the $18000 level. After that, we could expect to see a potential recovery in the price of Bitcoin.
Ethereum chart analysis
Yesterday, the Ethereum price tested the $1350 level for the second time this month. This was followed by a bearish impulse and a pullback of the price below the $1300 level. ETH continued to fall due to interest rate hikes by major central banks. The current price is $1285, and we could see a continuation of the pullback during the day. The next target is the $1275 level.
A breakout of the Ethereum price below this level could further extend the bearish scenario. Potential lower targets are $1250 and $1225 levels. For a bullish option, we need a positive consolidation and a return of the price above the $1300 level. Then we need to hold there and, with the next bullish impulse, trigger the Ethereum price recovery. Potential higher targets are $1325 and $1350 levels.