Reason: price broke down strongly from 0.023–0.027 area and is making lower highs/lower lows. The current 0.0188–0.0190 area is a support zone; a weak bounce into resistance could be a short opportunity.
Entry zone: 0.0193 – 0.0196 Stop Loss (SL): 0.0207
TradingKey - Bitcoin surged 11% in a single day, rising above $71,000 to hit a new high in over two months.
On August 20, Eastern Time, Bitcoin (BTC) saw its gain extend to 11%, decisively breaking through the key $70,000 mark during U.S. pre-market trading to reach $71,311, hitting a new high since June 1 this year. This also marks a complete breakout from its previous sideways consolidation pattern, with potential to push further toward the $80,000 mark.
Bitcoin price chart, Source: TradingView
This explosive rally in Bitcoin was mainly driven by positive catalysts, including the U.S. Treasury expanding bond buybacks to inject liquidity, the U.S. SEC passing the Crypto Asset Regulations, and the White House meeting with executives from leading crypto companies. Market sentiment has been significantly boosted, with capital from traditional financial institutions flowing in—net inflows into Bitcoin spot ETFs reached $500 million yesterday, setting a new three-month high. $BTC
Will Ethereum Price Rise Further Although the macroeconomic environment has improved, greatly benefiting high-beta assets such as BTC and ETH, the US has not engaged in massive monetary easing, and the Federal Reserve signaled no rate cuts in its latest meeting minutes. This makes it unlikely for ETH price to directly break through the current technical resistance level of $2,300, which is the first resistance level at the 0.236 Fibonacci retracement and the first high of the rebound after this year's crash.
However, if the ETH price breaks above and holds firm at this level, it would signal a reversal of the current downtrend and significantly boost bullish market sentiment. The next resistance level lies at $2,800, representing roughly 22% upside potential from current levels. $ETH
📈 Price is attempting to recover after a pullback from $0.02330. Buyers are defending the $0.0195–$0.0200 support area. A breakout above $0.02100 could trigger a continuation toward the previous high.