Will Bitcoin And Ethereum Retest Support Levels Or Move Higher? Here's What Experts Are Saying

As Bitcoin (BITCOMP) and Ethereum (ETH-X) rebounded Thursday evening, three analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.

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What Happened?

Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his over-562,000 followers on Twitter that Bitcoin could continue on a bullish trend if it flipped the upper region between $42,400 and $42,700.

Otherwise, it could retest in the area between $39,000 and $40,000 for a potential bullish divergence, he said.

Cryptocurrency analyst Justin Bennett noted in an update that Bitcoin is still flirting with the $42,000 support range after rebounding from the $40,000 level earlier this month.

He still believes a 20% to 30% bounce from this region is likely, considering how Bitcoin has reacted to liquidation candles since the beginning of last year.

Bennett sees Bitcoin facing resistance in the region between $43,000 and $46000, but moving higher into the $50,000 to $53,000 range if it move past the resistance.

Regarding Ethereum, Bennett said that a retest of the $2,800 to $2,900 range by Ethereum could provide a stronger base for the cryptocurrency to move higher. Ethereum could face resistance in the range of $3.500 to $3.600.

Pseudonymous cryptocurrency analyst Altcoin Sherpa provided an update on Ethereum, which he believes is currently making a “bearish kind of move.”

Noting that Ethereum’s last significant low was formed in September, the analyst said on his YouTube channel he believes the cryptocurrency should find a bottom in the range below $2,600, followed by a chop period and then move higher.

Price Action

Bitcoin is up 0.8% during the past 24 hours, trading at $41,901.59 at press time. Ethereum is up 1.4% over the 24-hour period to $3,126.24.