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Bitcoin (BTC), Ethereum (ETH) Surge to Fresh 18-Month Highs

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Dec 4, 2023 12:02 PM +02:00

Nick Cawley, DailyFX Senior Strategist


  • Bitcoin (BTC) eyes resistance at $43k.
  • Spot ETF narrative continues to drive Bitcoin and Ethereum

Bitcoin and Ethereum both took a significant leg higher over the weekend, breaking through prior resistance and testing levels last seen in May last year. The cryptocurrency space has been positive for the past few weeks as investors wait for news on the dozen spot Bitcoin ETF applications sitting on the SEC’s desk. A CNBC report last week that SEC representatives met with BlackRock and Grayscale further boosted the bullish market sentiment. BlackRock has filed for both a Bitcoin and an Ethereum spot ETF and their involvement in the space is seen as important. BlackRock has had 575 out of 576 of its ETF applications approved.

Bitcoin (BTC) Continues to Rally as Spot ETF Chatter Gets Louder

The technical outlook for Bitcoin has been positive since mid-October when BTC/USD produced a bullish pennant pattern. This coincided with a bullish 50-day/200-day moving average crossover – Golden Cross - and was subsequently followed by a series of higher lows. Prior highs at $38k and $40k have both been broken with ease in the last four sessions. The next level of horizontal resistance comes in just under $43k.



Charts via TradingView

Ethereum has underperformed Bitcoin this year but has still rallied from around $1,200 to $2,260 since the start of the year. The ETH/USD charts also remains positive with a Golden Cross produced on November 21st and a clear series of higher lows seen since late October. Last Friday’s clean break of resistance at $2,140 opens the way for ETH to rally further with $2,500 and then $3,000 the next logical stopping points.


Charts via TradingView

What is your view on Bitcoin – bullish or bearish?

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  • 3 weeks later...
On 04/12/2023 at 17:42, XTRAVAGANZA said:

Going by what i see on the weekly TF, BTC is heading to $46-48k major price zone level. If it breaks and holds above this zone, then $51-52k is the next minor zone, since its a minor zone, BTC might rally at this zone before deciding to go all the way up or coming back down. Though, I am still mindful of the bearish flag pattern, so there is tendency that BTC could start dumping from any of this zones yah. Lets see how it plays out yah.


My target for BTC in this Santa rally is 48-49 anything above that is a bonus😑

ETH LTF~ So far so good!



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