Bitcoin and Ethereum: Bitcoin finds support at $42500
- The price of Bitcoin has remained stable above the $42500 level since the beginning of the day.
- The price of Ethereum is slowly recovering after falling yesterday to the $2467 level.
Bitcoin chart analysis
The price of Bitcoin has remained stable above the $42500 level since the beginning of the day. With the current consolidation, we can expect to see bitcoin at $43000. If we manage to move above that level, the price would take the first step towards further recovery. After that, we can expect a continuation of the bullish momentum, and the potential higher targets are $43250 and $43500 levels.
Additional resistance in the zone around $43750 is in the EMA50 moving average, and there, we could expect a bigger obstacle to further recovery. We need a negative consolidation and pullback below the $42500 level for a bearish option. Thus, bitcoin would form a new daily low and confirm the bearish pressure. Potential lower targets are $42250 and $42000 levels.
Ethereum chart analysis
The price of Ethereum is slowly recovering after falling yesterday to the $2467 level. Yesterday’s recovery was up to the $2552 level, and that’s where we encountered resistance. After that, the price pulls back to support at the $2500 level. We managed to consolidate there and start a bullish consolidation that turned us towards the $2550 level. We are currently at the $2540 level, and we can expect to see a jump and the formation of this week’s new high. Potential higher targets are $2570 and $2580 levels.
A pullback to the $2500 level is required for a bearish option. A break below would increase the pressure on the price to continue down. In the zone, around $2480, we have the EMA50, which could support us or slow down the retreat. Potential low targets are $2460 and $2440 levels.
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