Bitcoin and Ethereum: a new low for Bitcoin at $28500
- After yesterday’s pullback to $19,000, bitcoin managed to recover only to the $29,500 level.
- The price of Ethereum fell to the $1925 level last night.
Bitcoin chart analysis
After yesterday’s pullback to $19,000, bitcoin managed to recover only to the $29,500 level. Then we see a new bearish consolidation and price drop to $28572. The price is now trying to recover above $29000, but the bearish pressure is still very present. This could further lower the price, and we may break below the $28500 support level. Potential lower targets are the $28,250 and $28,000 levels. We need a positive consolidation and price recovery to the $29200 level for a bullish option. That way, we would manage to move out of the uncomfortable zone. Then we need to hold on there, and with a new impulse, we would start further recovery. Potential higher targets are $29500 and $30000 levels.
Ethereum chart analysis
The price of Ethereum fell to the $1925 level last night. Since then, we have not recovered much; the price has increased to $1960. Currently, we are again encountering bearish pressure that is stopping us from recovering. If the pressure continues, a bearish trend is imminent, and the price could fall to a new low. Potential lower targets are $1900 and $1875 levels. We need a positive consolidation and a move to the $2000 level for a bullish option. A break above and a hold there could produce new bullish momentum and a continuation of Ethereum’s recovery. Potential higher targets are $2025 and $2050 levels.
