Bitcoin (BTC) is currently trading around $108,600 after a period of consolidation, with intraday fluctuations between $108,158 and $109,122. The 20-day EMA and 50-day SMA are converging near the current levels, indicating a potential turning point. Strong support is found between $106,400 and $108,200, with buyers consistently entering.
If BTC breaks below this area, analysts warn that it may test around $1,050,000 again. However, the current technical picture indicates that BTC is in a consolidation phase with bullish potential. Resistance is between $1,120,000 and $1,140,000—this area has previously limited recent gains. A breakout of this area may lay the groundwork for a rise towards $1,400,000.
If momentum strengthens, chart patterns such as bullish flags and cup and handle formations will signal a continued rise. Strategists like Ed Campbell believe that a confirmed breakout above $1,140,000 could trigger a 25% surge, consistent with growing institutional demand and positive macro drivers.
Although momentum indicator signals are mixed—RSI is around 53, close to neutral, and MACD is slightly bearish—the moving averages indicate a broader bullish trend. Volume remains a key confirmation factor, with traders closely monitoring breakouts supported by strong volume.
As of February 9, 2025, Bitcoin remains in a range but leans towards a bullish breakout. A breakout above $1,080,000 could open the next phase of price discovery. Before that, the $1,000,000 support level is crucial for maintaining market structure. With regulatory developments and institutional inflows approaching, BTC may soon find its next catalyst.
Short-term traders looking to enter should closely monitor these levels, as the balance between consolidation and breakout remains unresolved in the near term.
Ethereum (ETH) is trading close to $2,610, stabilizing after a volatile pullback from a peak of $2,879 to a low of $2,111. The recent price action has formed a consolidation range between $2,400 and $2,650, with a potential cup and handle pattern on the daily chart providing support. Technical analysts believe that a breakout above the resistance level of $2,650 to $2,700 could trigger an upward trend, targeting $3,000 or even higher.
Currently, the 100-hour moving average (SMA) is at $2,580, and the 50-week moving average is at $2,521, providing dynamic support. Ethereum's ability to maintain above these levels enhances the short-term bullish case. IOMAP data shows strong buyer interest between $2,350 and $2,426, which has acted as support during previous declines.
Momentum indicators are mixed. RSI is neutral, MACD is slightly bearish, but no significant divergence has been observed. However, the daily and weekly moving averages suggest that Ethereum is ready to continue its trend, especially if volumes rise and a breakout occurs.
As of February 9, 2025, Ethereum's price is fluctuating within a range and cautiously bullish. If ETH can firmly break above $3,000, the technical target would extend to $3,300, and with bullish momentum, it could even surpass $3,500 to $2,400. However, if it fails to hold the support level at $2,100, there may be downside risks toward the $2,100 area.
Traders and investors will be focusing on confirmation in the coming days as Ethereum lingers near a technical turning point, with macro and on-chain fundamentals preparing for a potential breakout.