May 20, 2022
Research News

Bitcoin, Ethereum Technical Analysis: ETH, BTC Surge Over 10% as Big 2 Lead Crypto Rebound

As LUNA’s life support was all but switched off on Friday, BTC and ETH rallied, with prices climbing by as much as 10%. Today’s price surge saw bitcoin climb above $30,000, with ETH once again trading above its $2,000 level.

Bitcoin

Bitcoin rebounded and was trading higher in today’s session, as markets recovered a bit from sell-offs earlier in the week. Following a streak which saw it fall for seven of the last eight days, the world’s largest cryptocurrency was firmly in the green on Friday. BTC/USD rose to an intraday high of $30,921.27 earlier in today’s session, with prices up by as much as 10% at the height of the rally. Today’s surge comes after prices almost fell below $26,000 during yesterday’s stretch, which was the lowest level for BTC since late 2020. Looking at the chart, it seems as though a price floor has been found, with the $28,860 point acting as a support, and it was at this level where today’s rally commenced. As of writing, we are now trading at $30,727.01, which is 8.75% higher than yesterday’s low, with some bulls likely targeting a ceiling of $32,500 as an exit point.

Ethereum

ETH also moved away from multi-month lows on Friday, as prices were once again trading above the $2,000 level. Following a low of $1,874.51 during Thursday’s session, the world’s second-largest token was up over 10% today, hitting a high of $2,128.34. Similar to BTC, ethereum seemed to have found a floor of its own, using the $1,950 floor as a springboard to today’s rally. Despite this surge in price, ETH/USD is still oversold, and is tracking around the 33 level, which is also a long-term resistance point. Should this ceiling be broken, we might see bulls looking to move towards the $2,350 point, a level which some see as a ceiling in its own right. Overall, ETH is still down over 20% in the last seven days, with BTC trading 15% lower in that same period. Will these latest support points hold firm this weekend? Leave your thoughts in the comments below.