Bitcoin (BTC), Ethereum (ETH) Rally Continues, Resistance Levels Come Under Pressure

Bitcoin (BTC) Prices, Charts, and Analysis:

• Bitcoin and Ethereum pushing back to multi-month highs.
• Has the long-awaited altcoin season started?

Bitcoin made a fresh 18-month high on Wednesday as buyers continue to dominate the cryptocurrency space. The largest coin by market cap broke through resistance at $37.3k and clipped $37,980 before edging back. Bitcoin is currently trading on either side of $37.3k and if BTC can keep this level as support, then fresh multi-month highs are likely in the days and weeks ahead. The next level of horizontal resistance is seen at $40k.

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

Bitcoin (BTC/USD) Daily Price Chart – November 16, 2023

Ethereum has rallied by over 35% in the last month as spot ETF fever continues to drive the second-largest crypto higher. ETH/USD made a fresh 7-month high just over a week ago on the BlackRock ETF application but has yet to reclaim this high. Support is close at $2,032 and needs to hold if Eth/USD is to move higher.

Ethereum (ETH/USD) Daily Price Chart – November 16, 2023

One of the reasons that Ethereum has underperformed Bitcoin over the last few weeks is the strong performance seen in the altcoin market as other L1 coins grab market attention. In the last 30 days, Ethereum is 28% to the good, while Solana (SOL) is 170% higher, Cardano (ADA) is up by 60%, and a recent surge in Avalanche (AVAX) has seen its price appreciate by over 150%. While this recent performance, and outperformance of Ethereum, is impressive, all of these L1s have underperformed ETH over the last 18 months.

Solana/Ethereum Spread Weekly Chart

Cardano/Ethereum Spread Weekly Chart

All Charts via TradingView

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.