Earlier today, the pair of Bitcoin and Ethereum was a bit strong on the charts. The pair even managed to gain ground to the price area of $7366.00. This came after having traded as high as $7531.00 a day ago. Here is the technical analysis for both Bitcoin and Ethereum.
The New Technical Levels
Traders now are waiting to see how the pair will react with certain technical levels. One of such areas is the price level of $7343.17. Traders tested this price level during the Asian session that was witnessed on Saturday. This represented 61.8% retracement of the move from $9948.12 to $3128.89.
In the week that has just ended, there was also a late-week surge that was witnessed. This saw the price surge to a new level of $7432.10. it represented the 61.8% retracement of the pair’s move.
There is something of great note that has recently occurred. Both the 200-bar and 50-bar moving averages have all come together. This is very bullish given the fact that the 50-bar Moving Average recently moved above the 100-Moving Average.
A Positive Short-Term Shift
In a similar circumstance, both the three moving averages have all come together. These are the 50-, 100-, and 200- moving averages. They have bullishly come together, and this might create a positive short-term shift in the market.
The BTC/USD pair is also watching another key price level. This is none other than $7059.50. It represents 50% retracement of the latest 6430.00 to 7688.99 range.
The pair tested this level some days ago before moving up to the current price level. This enables some traders to record gains in the region of $7208.
With the year-end near the corner, traders are very hopeful. They are waiting to see if the derivatives positions might help across.
Looking At Ethereum
The pair of ETH and USD appreciated earlier today. The pair even managed to trade as high as the price level of $128.36. This came immediately after a move to the price area of $137.85.
It is, however, important to note that the pair is currently witnessing some relative weakness. It will also be interesting to see if the pair starts the new year on either defensive or offensive.
ETH/USD Bulls Are Watching The Trend
The bulls of Ethereum and the US Dollar are very watchful right now. They want to see if the pair can find some purchasing pressure above the level of $120.73. This will represent the 76.4% retracement of the move to $135.24 to $116.25.
The pair could even find some bids above the price area of $126.04. This is a representation of the 23.6% retracement of the price range of $157.73 to $116.25. The 50-bar moving average is still trading below the 100-bar moving average.