Bitcoin and Ethereum: Bitcoin is testing the $43,000 level
- The price of Bitcoin is successfully consolidating around the $43,000 level.
- The price of Ethereum returned once again above the $2330 level yesterday.
Bitcoin chart analysis
The price of Bitcoin is successfully consolidating around the $43,000 level. Yesterday, we had a bearish breakout to $41,500 at one point but quickly bounced back above $42,500, after which we returned to around $43,000 with a bullish move. The previous two-day high price is $43600, and we need a break above for further continuation to the bullish side. Potential higher targets are $43800 and $44000 levels.
We need to go below the $42400 level again for a bearish option. Thus, we would form a new daily low and confirm the bearish momentum. Price would be forced to continue its pullback to lower levels. Potential lower targets are $42000 and $41600 levels.
Ethereum chart analysis
The price of Ethereum returned once again above the $2330 level yesterday. We held up there briefly, followed by a pullback to the $2260 level this morning. We managed to get support with the help of the EMA50 moving average, which pushed the price up to the $2280 level. Here, we now have new resistance, and we need a positive consolidation if we want to see a continuation to the bullish side. Potential higher targets are again at $2300 and $2320 levels.
We need a price drop below the EMA50 moving average and the $2260 level for a bearish option. This would put us under increased bearish pressure, leading to a further retreat of the Ethereum price to lower support levels. Potential lower targets are $2240 and $2220 levels.
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