bitcoin price
Bitcoin price has been working tirelessly to break above $17,000 which has become a new checkpoint lately. After stagnating for nearly a month, volatility bottomed out and pushed long-term holders into a large loss while short-term holders extracted small profits. However, in the coming week, Bitcoin’s efforts may come to fruition as it may record 2023 highs above $17,000 between $17,120 and $17,215.
The short-term BTC price is trading in an ascending triangle, widely seen as bullish. The price has constantly tested the immediate resistance near $17,000 on several occasions and faces constant rejections. However, with just one sharp bullish push, the price should break above the resistance. However, since the trade has yet to peak, a pullback into the same triangle could be imminent.
Therefore, Bitcoin price this week could continue hovering below the crucial resistance at $17,000 and if the bulls run out, an interim pullback below $16,500 is entirely possible without extreme downside pressure.
Ethereum Price
Ethereum price, on the other hand, is showing tremendous strength against Bitcoin and could eventually hit its desired target at $1,300. The price of ETH is soaring with frequent pullbacks that reduce the possibilities for extreme bearish action. Moreover, the bullish volume has also built up to a large extent, which could keep the upside going throughout the weekend.
The price of ETH has been on the rise, forming consistent bullish flags since the start of 2023. Therefore, the current pullback could push the price down a bit, which could trigger a noticeable rally in the coming hours. With a noticeable recovery, Ethereum price could possibly rally back to $1300 anytime over the coming week.
