BTC and ETH Eye Key Price Levels as Bullish Patterns Take Shape

A key test is underway for Bitcoin (BTC) and Ethereum (ETH), as both cryptocurrencies approach crucial price levels that could determine their near-term direction.

According to Aksel Kibar, a Chartered Market Technician at Tech Charts, BTC has formed a head-and-shoulders bottom pattern with a horizontal neckline near $67,200. The right shoulder of the formation has a low around $62,300. Currently, Bitcoin is trading around $65,174.

The success of this reversal pattern depends on whether Bitcoin can break above the $67,200 neckline or drop below $62,300. If it succeeds in breaking above the neckline, the pattern points toward a measured price target of approximately $76,000.

Ethereum's broader technical structure remains intact, with its Ethereum/Bitcoin (ETHBTC) pair continuing to form higher highs and higher lows. This indicates that the head-and-shoulders bottom target for ETHBTC remains around 0.0312.

Ethereum is currently testing an important technical level near $1,842, which has served as a horizontal boundary in the past. Holding this level could allow Ethereum to resume its upward move and potentially reach a price target of approximately $2,163.