In the cryptocurrency market, Bitcoin and Ethereum have always been the focus of attention. Recently, as the price of Bitcoin continues to rise and continues to break through key resistance levels, the market heat has risen again. At the same time, Ethereum has also shown a certain upward momentum driven by the bull market, although its performance is slightly inferior to Bitcoin.

Bitcoin intraday analysis

Bitcoin price is currently consolidating gains and it could attempt to break the $60,000 resistance area. The price has risen to $58,000 and it is consolidating below the $57,500 resistance area.

The price is trading above $56,000 and the 100 hourly simple moving average. The hourly chart of BTC/USD shows an ascending channel with resistance near $57,650 (data source from Kraken). This trend could push the price to challenge the $60,000 resistance.

However, Bitcoin price is also facing new obstacles. Despite having broken through the $55,000 resistance zone, it still needs to overcome the $57,000 resistance level. The price is currently trading around $57,572 and despite a slight decline, it is still above the 23.6% Fibonacci retracement level of the recent wave, which shows the strength of the bull market.

In terms of technical indicators, the hourly MACD shows that the bullish momentum is fading, while the hourly RSI shows that the relative strength index of BTC/USD is currently above the 50 level, suggesting that the market is still biased in favor of buyers.

If the price fails to break above the $57,500 resistance area, there could be a downside correction. The $56,800 level is an immediate support, while $56,000 is the first major support. Further declines could test the $54,250 support area.

On a comprehensive basis, the major support level is $56,800 and the minor support level is $56,000, while the major resistance levels are $57,500, $57,650, and $58,000.


Ethereum intraday analysis

​As Bitcoin prices rise, Ethereum prices also begin to rise, and although the upward momentum has stalled slightly, the bull run is not over yet. Ethereum prices climbed above $3,200, setting a multi-month high. Currently, ETH is consolidating, while Bitcoin is accelerating to break through the $55,000 resistance level.

Ethereum’s gains could extend above the $3,200 resistance area. The price is currently trading above $3,175 and the 100 hourly simple moving average. A key bullish trend line is forming with support at $3,150 on the hourly chart of ETH/USD (data source: Kraken). The pair is expected to extend gains further to $3,320 or even $3,450 in the near term.

Although Ethereum price is underperforming slightly against Bitcoin, it is still in positive territory and has extended gains above the $3,050 resistance level. ETH broke through the $3,200 resistance level, but the upside is somewhat limited due to the impact of Bitcoin's gains.

Ethereum has even surged above $3,250 to form a new multi-week high and the price is currently consolidating the upside momentum. It is trading above the 23.6% Fibonacci retracement level of the upward move from the $3,041 swing low to $3,274 high. There is also a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fibonacci retracement level of the upward move from the $3,041 swing low to $3,274 high.

Ethereum is currently trading above the $3,175 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $3,250 level, while the first major resistance is near the $3,275 level. The next major resistance is near the $3,320 level, above which the price is likely to continue rising. Further gains could test the $3,400 resistance level and it could even rally towards the $3,450 resistance level. To continue rising, a test of $3,500 is likely.

If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. An initial support on the downside is near the $3,200 level. The first major support is near the $3,150 area and the trend line, below which Ethereum might test $3,130. The next key support could be the $3,100 area. A clear break below the $3,100 support could push the price towards $3,050 or the 100 hourly simple moving average. If there are more losses, the price could decline to the $2,880 level.

Technical indicators show that the hourly MACD shows that ETH/USD’s MACD is gaining momentum in the bullish zone, while the hourly RSI shows that the relative strength index of ETH/USD is currently above the 50 level.

To put this in context, the main support level is $3,150 and the main resistance level is $3,250.

Summarize

Bitcoin is currently in a stage of accelerating growth. After breaking through the $55,000 resistance level, the market is increasingly expecting the price to continue to break through $60,000. At the same time, although Ethereum's price growth momentum is not as rapid as Bitcoin, it still maintains a positive market trend. The price has climbed to more than $3,200, setting a new high in several months. Although the market's upward momentum has weakened, most investors are still optimistic about the future and expect Bitcoin and Ethereum to have room for further growth. #BTC #Ethereum(ETH) $BTC $ETH $ACE