Bitcoin and Ethereum: Ethereum is hovering around $1850
- Bitcoin price failed to sustain above the $30000 level yesterday, and a pullback ensued.
- Yesterday, we saw a new Ethereum price attempt to reach $1880, but we stopped at the $1870 level.
Bitcoin chart analysis
Bitcoin price failed to sustain above the $30000 level yesterday, and a pullback ensued. The fall was stopped last night at the $29360 level, where the price receives support and recovers to the $29600 level. There, we encounter new resistance and start today’s bearish consolidation. Chances are high that we will visit the previous support zone again.
A break below would add further pressure on Bitcoin, resulting in a further pullback. Potential lower targets are $29200 and $29000 levels. We need a positive consolidation and a return above the $29600 level for a bullish option. Then we need to keep up there so that we can start further recovery. Potential higher targets are $29,800 and $30,000 levels.
Ethereum chart analysis
Yesterday, we saw a new Ethereum price attempt to reach $1880, but we stopped at the $1870 level. Then, we saw a pullback to the $1845 level. The price finds support at that level and recovers to the $1856. There, we encountered new resistance and dropped below the $1850 level. Now, we could retest the previous support zone. We have additional support in the EMA50 moving average.
We need a negative consolidation drop below the support zone for a bearish option. After that, we would likely see a continuation of the pullback and look for support at a lower level. Potential lower targets are $1840, $1835 and $1830 levels.
We need a positive consolidation and a jump to the $1860 level for a bullish option. Then we need a breakout above and to hold up there. With a new impulse, we would start further recovery. Potential higher targets are $1870 and $1880 levels.
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