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Bitcoin and Ethereum Extend Rally

The price of Bitcoin extended its rise and traded near USD 38,400. Ethereum traded all-time to a new one and nearly tested USD 1,700,

A steady increase in the price of Bitcoin began after it settled above USD 35,000. The USD 37,000 resistance was even cleared by BTC to move into a positive zone. It has traded close to USD 38,400 and is lower at the moment.Likewise, most significant altcoins are trading in a positive zone. ETH/USD is still on a strong upward trend and has traded to a new all-time high near USD 1,6.

The price of bitcoin has gained bullish momentum above USD 36,000 in the past two sessions. The USD 37,000 resistance was even cleared by BTC and spiked above USD 38,000. A high near USD 38,350 is created and gains are corrected by the price. The initial support is near the level of USD 37,500. The first major support is at USD 37,200, below which the USD 36,500 support price could be tested.

According to cryptonews.com, the USD 38,000 level, on the upside, is a key barrier for the bulls. A daily closure above the level of USD 38,000 could open the doors for a new move towards USD 40,000.

The price of Ethereum follows a strong upward trend and has recently cleared the USD 1,600 level. ETH traded to a new all-time high, nearly testing the level of USD 1,700. Gains are being corrected, with immediate aid close to USD 1,650. Any further losses may push the price towards support of USD 1,600.

On the upside, the first key resistance is near the levels of USD 1,695 and USD 1,700. A clear break above the level of USD 1,700 could call for a move toward USD 1,800.

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