Bitcoin and ethereum


  • Over the weekend, the price of Bitcoin was in the range of $19,600-$20,000.
  • The price of Ethereum is in a better position technically as it is above the moving averages with a slight curvature to the bullish side, and a slight recovery is seen over the weekend.
  • Crypto was promising to bring decentralization, advertising that it gives all power to users. It has largely delivered on its promise, but questions have been raised about its intentions.

Bitcoin chart analysis

Over the weekend, the price of Bitcoin was in the range of $19,600-$20,000. Today we continue in the same direction without major oscillations. Bearish pressure is still present, and the price could easily slide down to $19,000. Moving averages are on the upper side and direct the price towards lower targets. We need a positive consolidation and a break above $20,000 to try further price recovery. The price could climb up to $20500 or $21000 resistance level, continuing the previous bullish impulse. For a bearish option, we need a continuation of this negative consolidation with a break below the $19500 level. In the continuation, the price would go down to $19,000, and there it would look for the first support. If it fails to hold above, we will see a break and continued decline in the price of Bitcoin. Potential lower targets are $18500 and $18000 levels.

Ethereum chart analysis

The price of Ethereum is in a better position technically as it is above the moving averages with a slight curvature to the bullish side, and a slight recovery is seen over the weekend. For a bullish option, we need a continuation of the consolidation and a move above the $1600 level. If we managed to stay above, we would be in a good position for further recovery. Potential higher targets are $1650 and $1700 levels. For a bearish option, we need a negative consolidation and a pullback of the Ethereum price below the $1550 level. After that, we would fall below the MA200 moving average, and space would open for us towards the $1500 support level. A break below the price could form a new monthly low, and the potential targets are $1450 and $1400 levels.

Ethereum chart analysis

Market overview

 

Crypto was promising to bring decentralization, advertising that it gives all power to users. It has largely delivered on its promise, but questions have been raised about its intentions. In many cases, there have been accusations about people from the crypto space, from Defi operators to crypto firm executives, etc., for establishing political connections. Political donations and lobbying have often occurred, raising concerns about whether an innovation that claims to bring about decentralization is influencing politics.

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