After consolidating for a longer period of time, both of the top two cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are now out of the consolidation phase. For over the course of the last two to three days, the prices of both of these digital assets have been trading in the upward direction and still, they are in positive momentum. The recent price action shown by Bitcoin and Ethereum has put their prices on the bullish trajectory which may lead them to reach their set target.
Recently, the second-ranked cryptocurrency Ethereum broke through $250 by recording a potential price surge and reached $276. Following this bullish rally of Ethereum, the top-ranked cryptocurrency Bitcoin also started moving up and witnessed an upswing the previous day. The leading digital coin was also able to break out of its $9,100 – $9,250 zone where it has been trading sideways for an extended period of time.
Bitcoin and Ethereum aim to make yearly highs
As the consolidation period for both Bitcoin and Ethereum is over, they are now heading upward to make new yearly highs in recent times. The recent positive breakout rally seems to have set an uptrend for them and now it depends upon them how they behave next.
Bitcoin is currently trading above the $9,500 figure with an intention of retesting its psychological level of $10,000 in the coming days. The next move of Bitcoin is all dependent on how the leading coin’s price reacts to $9,500 in the short-term trend. If bulls are able to hold the coin above this figure and then turn this level into its support level, then it may succeed in retesting its major resistance.
Ethereum has also set its short-term target that is to reach $300 as soon as possible. Currently, ETH’s price is trading at around $280 and is up 2.72% in 24 hours. With this bullish momentum, Ethereum can hit its milestone very soon.
BTC and ETH are following the footsteps of Gold
Both Bitcoin and Ethereum are following the footsteps of the precious metal Gold which is known as a safe-haven asset. The precious metal is gearing up for making a new all-time high and is only a move away from reaching its destination.
Following Gold’s bullish price action, BTC and ETH have also started rising up and are looking forward to posting their yearly highs in the near future.