Bitcoin and Ethereum: Ethereum pulled back to $2500
- The price of Bitcoin was under pressure again yesterday, which had a negative impact and brought it down to the $42200 level.
- The price of Ethereum was in retreat yesterday until this morning at the $2505 level.
Bitcoin chart analysis
The price of Bitcoin was under pressure again yesterday, which had a negative impact and brought it down to the $42200 level. After that, we successfully got support and started a bullish consolidation and recovery above the $42600 level. The price makes a breakthrough above and climbs to $42870. We can move above the $43,000 level if this bullish momentum continues.
Potential higher targets are $43200 and $43400 levels. In the zone around $43400, we encounter the EMA200 moving average, and there, we expect greater resistance to the bullish continuation. We need a negative consolidation and a price return to yesterday’s support level for a bearish option. New pressure in that zone could lead to a drop below and the formation of a new low. Potential lower targets are $42000 and 41800 levels.
Ethereum chart analysis
The price of Ethereum was in retreat yesterday until this morning at the $2505 level. There, we successfully got support and started a bullish consolidation that continues even now. Additional support in that zone is the EMA200 moving average, which helps us not to slip further even lower this week. The price has recovered to $2535, and we expect to see a further continuation of the recovery to the bullish side. Potential higher targets are $2550 and $2560 levels.
For a bearish option, we need to return to the support zone again and test the EMA200 moving average. A break below these support levels would indicate that the price is under pressure, and we are looking at pullbacks. Potential lower targets are $2500 and $2490 levels.
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