After setting a new all-time high at $68500, BTC recently corrected its previous ATH, reaching its key support at $67000.
However, it is still indicating a bearish move and might further move towards another key support at the $65000 level before picking up again on a bull run as the year comes to an end. The New ATH is now a key resistance, and hurdles might be found around that level before the price breaks on the upside.
Ethereum has been on a journey too. ETH is still maintaining stability above its key support. It is currently trading at $4700, a 2.2% drop from its recent all-time high of $4840. However, it has been consolidating at the $4750 level.
Analysts’ and traders’ expectations were another high to be created in the last 24 hours, helping ETH reach the $5000 mark. A correction is, however, notable from its new all-time high with key support at $4700.
According to analysis, a further bearish move is still bound to happen with key levels between $4650 and $4500. However, ETH might break on the upside, reaching the $5000 mark that many investors and experts expect.
Ethereum and Bitcoin Technical Analysis
The start of the week has begun on a bullish trend, especially for both Bitcoin and Ethereum. Ethereum hit its new all-time high on Monday morning, trying to avoid a further deepening of its bearish curve, showing a potential breakout in the week or towards the end.
Bitcoin Analysis
In the week ending the 7th of November, BTC rose by 3.15% ending the week at $64000. However, the beginning of the week had seen the pioneer coin dropping to the $59500 level creating a major support level before making a decision upwards.
On a 4-hour timeframe chart, it is notable that BTC rose back to the $64200 level again before sliding back to creating another key support at the $61000 mark.
At the time of writing, BTC is trading at $66580 according to coingecko, a rise of 3.15% from the end of week price of $63200. It looks like BTC has broken its significant resistance at the $65000 level earlier on. If it breaks the resistance zone at the $68000 mark, Bitcoin could test a new resistance at the $71800 mark before another correction occurs.
Ethereum Analysis
At the week’s ending, Ethereum was trading at $4620. However, the beginning of the week was startling mixed reactions among traders as the coin was trading at the $4150 level, deepening further to key support at $3970.
On a 4-hour timeframe chart, the coin surges to create an ATH at $4670, breaking through its major resistance level at $4540. Furthermore, ETH has been on a bullish trend for four days, rising by 6.29% to end at the $4700 mark.
At the beginning of the week, ETH fell to its key support at $4550, and a day later, it was trading at $4840, creating a new resistance level before correcting.
At the time of writing, the ETH price is at $4731 which is a 1.18% drop from its ATH. However, it has still yet to test both the new support and resistance levels. Ethereum will, however, need the crypto market’s help to break through the new resistance at $4840.
When it breaks on the upside, ETH will be forming a new resistance at the $5120 mark before making another correction and further support at $4950.
What are your predictions for Bitcoin and Ethereum prices after this correction?