Market update: bitcoin and ethereum technical outlook

Bitcoin analysis

Bitcoin (BTC) has been treading water for the last three weeks with little to suggest either a move higher or lower. The daily BTC/USD chart looks positive with all three simple moving averages in a bullish set-up and supporting a move higher, with a short-term series of higher lows and higher highs since the start of May adding to positive momentum.

A break and open above $70,000 should quickly see $72,000 tested, leaving the Athene (ATH) at $73,778 vulnerable. With demand from a range of global spot BTC exchange traded funds (ETFs) outpacing post-halving new BTC supply, the medium-to-longer outlook for BTC looks constructive.

Bitcoin daily price chart

Ethereum analysis

Recent SEC approval for a range of spot Ethereum (ETH) ETFs has seen the second-largest cryptocurrency by market cap perform strongly since late May. The near 20% bullish candle on 20 May and the subsequent period of consolidation, is setting up a rough bullish flag pennant, again pointing to higher prices.

The 12 March high at $4095 should be tested when the 27 May high at $3974 is broken, leaving the November 2021 ATH at $4860 the longer-term target.

Ethereum daily price chart

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