- Bitcoin and Ethereum have seen a strong price increase in the past few days, with Bitcoin reaching $25K while Ethereum surged above $1,700.
- Technically speaking, Bitcoin is displaying a bullish bias while Ethereum may need a catalyst to continue higher.
- Both digital assets are facing potential downside risks but have certain support levels that could be tested if the prices decline further.
Recent Price Increase of Bitcoin and Ethereum
Over the past few days, both Bitcoin and Ethereum have seen a significant price increase. Bitcoin flew toward the $25,000 mark and Ethereum briefly surged above $1,700 on Wednesday, February 15th.
Bitcoin Technical Analysis
Bitcoin’s price has been showing strength lately as it climbed nearly 10% over 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. It briefly spiked into the $25,000 resistance zone surpassing the last swing high at 24246. There is strong bearish activity in this area which suggests that BTC may not be able to break through this level yet. In case it does break through 25K there might be an upward momentum pushing it towards 26200 or even 27000. Support levels are located near 24250 and 23250 respectively in case there is a correction in prices.
Ethereum Technical Analysis
Ethereum experienced a similar surge of almost 9%, currently holding a value of 1680$. From a technical perspective, ETH chart appears to display a bullish bias as it bounced off 1490$, which is an important support mark at 38.2% Fibonacci retracement level. A decline below 1490$ may prompt another correction for ETH so traders should keep their eyes open for that possibility as well.
Potential Risks Ahead For Both Digital Assets
Both digital assets face potential downside risks but also have certain support levels that could be tested if needed. It is important to remember that cryptocurrencies typically move in tandem so movements from one asset can affect others too – investors should keep track of news from both industries when making trading decisions!