11 August chart overview for Bitcoin and Ethereum
Bitcoin chart analysis
Since the beginning of the day, bitcoin prices have continued the bullish trend that started yesterday after the report on the inflation slowdown in America. Now the price of bitcoin is at $24620, and it could soon climb to $25000. If the dollar continues to weaken, the price of bitcoin could continue towards the next $26000 level. For a bearish option, we need a negative consolidation and a pullback of Bitcoin price below $24000. After that, the decline towards the $23000 support zone could continue. The moving averages are between $23000-24000, and if the price does not find support in that zone, it could continue to pull back to $22000.
Ethereum chart analysis
This morning, the price of Ethereum managed to climb up to the $1900 level, and today it is consolidating around that price. We could probably soon see a break above the price and a continuation of the bullish trend up to the $2000 level. The last time we were at that price was May 31. We need a negative consolidation and pullback below the $1900 level for a bearish option. After that, the price of Ethereum could go down to support at $1800. Additional support at that level is in the MA50 moving average. A break below would increase the bearish pressure, and our target would be the $1700 support zone. At that level, additional support is in the MA200 moving average, and if the price were to drop to that level, a stronger bullish impulse could follow from there.
With the rapid growth of the cryptocurrency industry, authorities worldwide are looking for ways to regulate the crypto space, including the European Union. The EU recently contributed to solving the problem in the form of the Market for Crypto Assets (MiCA) account. The law would introduce multiple changes to the market, including strict requirements to prevent collapses like Terra (LUNA)’s. The proposed rules and requirements set out in the MiCA Act were due to become law in 2023 but are not expected to come into force across the EU before 2024.