• The bitcoin price today formed a forty-day high at the $20800 level.
• Yesterday, Ethereum broke the barrier at the $1400 level and rose to the $1525 level.

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Bitcoin chart analysis

The bitcoin price today formed a forty-day high at the $20800 level. Now we see a minor pullback to the $20630 level. To continue the bullish option, we need to stay above the $20,000 level and continue the price recovery with a new bullish impulse. Potential higher targets are $21000 and $21500 levels. 

For a bearish option, we need a new negative consolidation and a pullback below the $20,000 level. If that were to happen, Bitcoin could continue to fall further to the next lower support. Potential lower targets are $19500 and $19000 support levels. It is not excluded that then we will see an even deeper drop to the previous October lows around the $18,200 level.

Ethereum chart analysis

Yesterday, Ethereum broke the barrier at the $1400 level and rose to the $1525 level. Today, the bullish trend continued, and the price formed a new higher high at the $1560 level. The bullish impulse has slowed down, and now we have a minor pullback to the $1528 level. The price is looking for potential support to continue on the bullish side. 

For a bullish option, we need a positive consolidation and further continuation toward the $1600 level. For a bearish option, we need a negative consolidation and price pullback below the $1500 level. After that, we would see a further drop in Ethereum price, and potential lower targets are $1450 and $1400. A very important support level is $1400 because we had resistance at that price in the previous month.

Market overview

On Tuesday, the UK House of Commons voted to regulate crypto-assets as financial instruments as part of the proposed Financial Services and Markets Bill. The bill now goes to the House of Lords, the upper house, for a vote before it becomes law. This comes as Rishi Sunak became the country’s new prime minister on Monday.

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