Bitcoin and Ethereum: Bitcoin falls to the $41500 level
- On Friday, we saw the price of Bitcoin fall below the support at the $46000 level.
- On Friday afternoon, the price of Ethereum jumped to the $2717 level, forming a new high for the year.
Bitcoin chart analysis
On Friday, we saw the price of Bitcoin fall below the support at the $46000 level. This led to bearish impulses and the formation of a new low at the $41509 level. During the weekend, we saw a consolidation in the $42400-$43300 range, and last night, we saw a new bearish impulse and a drop to the $41715 level. The price receives support from that level and begins to recover to the $42600 level. We would have to climb above $43000 to get rid of the bearish pressure.
Potential higher targets are $43500 and $44000 levels. In the zone around $44000, we come across the EMA50 moving average, and we hope for its support for further continuation to the bullish side. Since the price is currently under pressure, the bearish scenario is current, and we cannot rule out a further fall in the price of Bitcoin. Potential lower targets are $42000 and $41500 level.
Ethereum chart analysis
On Friday afternoon, the price of Ethereum jumped to the $2717 level, forming a new high for the year. After that, there was a pause, and we saw a pullback to the $2456 level. During the weekend, the price started a bullish consolidation up to $2588, where we encountered a new resistance. Yesterday, we were in a pullback all day until this morning at the $2471 level. The fall stopped there, and Ethereum started with a positive consolidation, recovering to the $2527 level.
We now expect to see further price recovery to yesterday’s high. Potential higher targets are $2560 and $2600 levels. For a bearish option, the price must initiate a negative consolidation and visit this morning’s low at the $2470 level. Increased pressure could make a breakout below and form a new low. Potential lower targets are $2440 and $2400 levels.
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