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Home News Cryptocurrencies Bitcoin

Bitcoin And Ethereum Technical Analysis: BTC Targets $64K After Surpassing The $60K Barrier, ETH Crosses $2.4K As Bulls Set Sights On $2.7K

by Md Ishtiaque Ahmed
September 16, 2024
in Bitcoin, Cryptocurrencies, Ethereum
Bitcoin And Ethereum Technical Analysis

Our latest technical analysis found that the BTC price is currently testing the resistance at $60,880 and ETH passed the $2,400 resistance.(Source: Crypto News)

Key Findings: BTC Technical Analysis

  • Bitcoin ended last week with a solid bullish candle, breaking the 50-EMA resistance.
  • The price is currently testing the critical resistance at $60,880.
  • BTC might hit $64K this week if the price exceeds the immediate trendline resistance at $61,392.

Bitcoin Technical Analysis – BTC Daily Chart

Bitcoin Technical Analysis
BTC/USD eyes $64,011 as the next target after the price breaks the 50-EMA resistance. Source: The Distributed

Bitcoin is attempting to soar higher after the price broke the 50-EMA barrier at $59,730. The current bullish stance was initiated following a break of the resistance at $56,881 last week.

The upcoming challenges for BTC bulls are the immediate resistance at $60,880 and the bearish trendline resistance at $61,392. A strong bullish breakout of these levels could push the price to the next resistance at $64,000.

However, the Relative Strength Index (RSI) remains generally unchanged, hovering at neutral, indicating a lack of momentum. The RSI might pass the 50 mark only if the price could hold above $60K and avoid a move below the immediate support of 50-EMA.

For a bearish outlook, BTC might return the $56,881 support if the price fails to break the immediate bearish trendline and returns below the $60K level.

See Related: Bitcoin And Ethereum Technical Analysis: BTC Tests Resistance Above $60K, ETH Could Pullback To $3.2K Before Rejoining Downtrend

Key Findings: ETH Technical Analysis

  • Ethereum passed the $2,400 resistance after the price denied a move below $2,110.
  • The RSI at 46.07 (below 50) is yet to confirm a bullish momentum.
  • ETH/USD is expected to be cruising towards $2,700 as long as the price holds above the psychological support at $2.4K.

Bitcoin Technical Analysis – ETH Daily Chart

Bitcoin Technical Analysis
ETH/USD might pull back above $2,700 as the price holds above the support at $2,400. Source: The Distributed

Ethereum was under an overall bullish momentum throughout last week. However, it underperformed Bitcoin and the majority of altcoins, which remains a near-term risk for investors.

According to the daily chart, ETH shows the potential of initiating a bullish trend after the price plotted a higher low above the $2,110 support last week. Additionally, a break above the $2,400 psychological level fueled confidence for buyers. The current bullish stance will remain intact until the price remains above the $2.4K level.

A break of the recent bullish candle’s high at $2,464 could reinforce the bullish momentum and make ETH/USD to pull back above the $2,700 level. Alternatively, failing to sustain above the $2,400 mark might force the price to retest the critical support at $2,110.

Tags: Digital AssetsPrice ChartsTrade Signals

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