Bitcoin and Ethereum: Bitcoin again at the $50,000 level

Bitcoin chart analysis

After a long time, we again see the price of Bitcoin at the $50000 level. Yesterday afternoon, the price jumped to a new three-year high, bringing us back to the levels of December 2021. Today, we are calm and moving in the $49950-$50400 range. We remain in this zone, hoping to continue the growth and climb to a high level. Potential higher targets are the $50500 and $50750 levels.

We need a pullback below the $49500 support level for a bearish option. Falling below this level, Bitcoin was under more pressure to continue its retreat, looking for support at a lower level. Potential lower targets are $49,000 and $48,500 levels.

Ethereum chart analysis

The price of Ethereum managed to take a concrete bullish step yesterday and jumped to the $2686 level this morning. After that, we see a short pullback to $2640 where we manage to get support. Then the price initiates a short recovery to the $2660 level, and we are once again on our way to this morning’s high. With a new impulse, we would climb up quickly and test that level. Depending on the momentum, a breakout above and the formation of a new high could occur.

Potential higher targets are $2700 and $2720 levels. We need a pullback below the $2640 support level for a bearish option. This would form a new daily low and confirm the bearish pressure. Ethereum would then be forced to slide towards lower support levels. Potential lower targets are $2620 and $2600 levels.

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