• Bitcoin and Ethereum have seen a significant price increase over the past few days
• Bitcoin is currently displaying a bullish bias from a technical perspective, with the potential for reaching $25,000
• Ethereum has also surged to above $1,700 briefly, with some support levels if it drops
Bitcoin and Ethereum’s Price Increase
Bitcoin and Ethereum have both experienced a strong surge in their respective prices over the past few days. On Monday, February 13th, BTC and ETH saw an increase of nearly 10%, with Bitcoin flying toward the $25,000 mark and Ethereum briefly surging above $1,700 on Wednesday, the 15th.
Bitcoin Technical Analysis
The leading digital asset successfully surged above the key resistance level of $22,000 and remained well above the 200-day simple moving average. The price briefly spiked into the $25,000 resistance zone. If it breaks this point, there is potential for it to push towards $26200 or even as high as $27000. However there are support levels near $24250 which could prevent further decline if broken below. The main breakdown support is situated in the $23250 zone if not held up by these supports.
Ethereum Technical Analysis
Ethereum showed similar strength in its surge of almost 9%. At time of writing ETH holds a value of around 1680 but needs some sort of catalyst to continue higher. From a technical perspective it appears to display a bullish bias having bounced off from 1490 which was its 38% Fibonacci retracement level (a tool used to identify potential support).
Potential Risks
Although Bitcoin and Ethereum have shown strong surges recently they still face potential downside risks moving forward as any sudden shocks could lead to declines. This means investors should be aware of risk even when investing in digital assets that are displaying positive trends at present time.
Conclusion
In conclusion both Bitcoin and Ethereum have seen impressive gains over recent days however both face risks going forward with no guarantee for continued success should something unexpected occur or if market sentiment changes. Therefore investors must be aware of these risks before investing in either asset class..