Market update: Bitcoin, Ethereum surge to fresh 18-month highs
Bitcoin eyes resistance at $43k; meanwhile, spot ETF narrative continues to drive Bitcoin and Ethereum.
Bitcoin and Ethereum experienced a notable surge over the weekend, surpassing previous resistance levels and reaching heights not witnessed since May of last year. The cryptocurrency market has exhibited positivity in recent weeks, with investors eagerly anticipating updates on the numerous spot Bitcoin ETF applications awaiting consideration on the SEC's desk.
A CNBC report last week said that SEC representatives met with BlackRock and Grayscale, which 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.
Bitcoin technical analysis
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 daily price chart
Ethereum technical analysis
Ethereum has underperformed Bitcoin this year; but has still rallied from around $1,200 to $2,260 since the start of 2023. The ETH/USD charts also remains positive with a Golden Cross produced on 21 November 2023, 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 daily price chart
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