16 May chart overview for Bitcoin and Ethereum
Bitcoin chart analysis
Over the weekend, the price of Bitcoin was in lateral consolidation in the range of 29000-31000 dollars. This morning, bitcoin managed to climb to 31,500 dollars, but after that, we had a pullback, and now we are consolidating around 30,000 dollars. To get out of the bearish trend, we need a bullish boost that would raise the price above $ 31,500. Our potential next bullish targets are $ 32,000, $ 32,690, $ 33,600 and so on. For the bearish option, we need a negative consolidation and a drop in bitcoin price below $ 29,000. After that, we can expect increased bearish pressure, and our potential bearish targets are $ 28,000, $ 27,000, $ 25,000 and so on.
Ethereum chart analysis
The price of Ethereum is already on the fourth day in the side consolidation in the range of 1950-2150 dollars. ETH is still under bearish pressure as long as it is in this consolidation. We need a break above $ 2,200 to have positive confirmation on the chart. If Ethereum manages to stay above, we could consider a potential continuation of the bullish trend. Our potential bullish targets are $ 2,300, $ 2,400 and $ 2,500. For the bearish option, we need continued negative consolidation and a pullback below $ 1950. After that, we can expect the withdrawal of the support zone to $ 1,900, and if it does not last, we will move to the $ 1,800 or $ 1,700 price.
Market overview
Cryptocurrencies continued to fall on Monday, giving up the gains they made over the weekend, while regulators continued to circulate. European officials have reiterated warnings about the risks posed by cryptocurrencies. Bitcoin fell 5% to about $ 29,700 on Monday in Asian trade, sliding along with stocks due to concerns about high inflation and rising interest rates. The world’s largest cryptocurrency has lost about one-fifth of its value so far this month. The governor of the Bank of France said at a conference on Monday that crypto assets could disrupt the international financial system if it is not regulated and interoperable consistently and appropriately in all jurisdictions. The U.S. Federal Reserve warned last week that stable coins are vulnerable to investors’ running because they are backed by investments that could lose worth or become illiquid in times of market stress.
