Bitcoin and Ethereum: Bitcoin above support at $39500

<div><img width="605" height="340" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/Le-Bitcoin-gagne-1-et-passe-les-43-50000-dollars-vendredi-8-decembre-2023.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin cover" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin above support at $39500</b></h1>
<ul>
<li aria-level="1">All Bitcoin managed yesterday was to climb to the $40515 level.</li>
<li aria-level="1">Yesterday’s attempt by the price of Ethereum to initiate a bullish recovery was stopped at the $2264 level.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>All Bitcoin managed yesterday was to climb to the $40515 level. There, we encounter resistance and pull back to the support level at $39400. We received new <a href="https://www.financebrokerage.com/bitcoin-and-ethereum-bitcoin-finds-support-at-42500/">support</a> there and started a new recovery above the $40,000 level. We are currently consolidating around that level and need a stronger impulse to push us to $40500 again. A retest of that level could lead to a break above and the formation of a new three-day high.</p>
<p>Potential higher targets are $40600 and $40800 levels. The EMA200 moving average is in the zone around the $41,000 level. We need a pullback from the $40,000 level to the $39,400 level for a bearish option. The inability to hold above leads to a breakout below and the formation of a new two-day low. Potential lower targets are $39200 and $39000 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-255848 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/cksacfo0-1024×598.jpg" alt="Bitcoin chart analysis" width="1024" height="598" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>Yesterday’s attempt by the price of Ethereum to initiate a bullish recovery was stopped at the $2264 level. From that level, a pullback to support at the $2200 level was initiated. We get the required support and recover slightly to the $2240 level. That is our resistance today, and for now, we cannot move above it. We need a bullish impulse to do that and break the resistance level. Potential higher targets are $2260 and $2280 levels.</p>
<p>We need to test the $2200 level again for the bearish option. With a price break below, we would have the opportunity to test this week’s low at the $2165 level. The price would be under more bearish pressure to start a further retreat, and the potential lower targets are $2160 and $2140 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-255851 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/qOGyDKWg-1024×598.jpg" alt="Ethereum chart analysis" width="1024" height="598" /></p>
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