- Since the beginning of the week, there are no significant movements on the Bitcoin chart.
- The price of Ethereum retreated from the $1700 level yesterday and fell to the $1620 level early this morning.
Bitcoin chart analysis
Since the beginning of the week, there are no significant movements on the Bitcoin chart, and we are still moving in the $21000-$22000 range. Today we are closer to the support zone, and the moving averages are on the bearish side, creating some pressure on the price. We need negative consolidation and stronger pressure on the $21000 support zone for a bearish option. If the price were to break below, then a continuation of the decline towards the next support level would likely occur. Potential lower targets are $20500 and $20000 levels. For a bullish option, we need a new positive consolidation and first a move above the moving averages. The next target is this week’s $22,000 resistance zone. A price break above would reduce the bearish pressure, which may positively affect the future price movement. Potential higher targets are $22500 and $23000 levels.
Ethereum chart analysis
The price of Ethereum retreated from the $1700 level yesterday and fell to the $1620 level early this morning. For now, the price has that support, and we see a short recovery to the $1665 level. The additional resistances at this point are the moving averages, and we need to go back up to the $1700 resistance zone to move above them.
For a bullish option, we need a break above $1700 and a new positive consolidation that would move us further up. If we stayed above, we would have a chance to continue the price recovery. Potential higher targets are $1750 and $1800 levels. We need a negative consolidation and a pullback to the $1600 support level for a bearish option. If a break below occurs and we stay down for some time, then we could expect a continuation of the drop in the price of Ethereum. Potential lower targets are $1550 and $1500 levels.
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