Bitcoin, Ethereum: Here Are The Crucial Levels To Watch Until Friday

Major cryptocurrencies have witnessed a significant rally over past one week despite concerning economic data release in the U.S.

What Happened: Bitcoin BTC/USD surged over 12% in last five days while Ethereum ETH/USD rallied close to 9% during the period.

At the time of writing, Bitcoin was trading close to the $24,500-level.

Despite the optimism, professional traders appear to consider the $26,000-level as a stiff short-term resistance. This is because the maximum open interest build-up appears to be concentrated between the $25,000 and $26,000 levels, according to data from two different exchanges.

See Also: How To Buy Bitcoin (BTC)

Since professional traders prefer shorting options and collecting premiums than buying them and with significant open interest build-up in the zone, the level could be seen as a strong resistance till Friday.

From a chart perspective, too, Bitcoin had failed to breach and consistently stay above the $25,000-mark in August 2022. However, if that happens now, the next crucial resistance can be anticipated close to the $30,000 level.

On the downside, the maximum open interest build-up can be seen in the $23-500-$24,000 range and this could be seen as an important short-term support.

Ethereum: For Ethereum, options expiring on Friday indicate a short-term resistance close to the $1,600 level — albeit the fact that the coin is currently trading at $1,680 level — while a support could be seen close to $1,500-mark.

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