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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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.

Source: Bloomberg

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

Source: TradingView

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

Source: TradingView

This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.


This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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