Bitcoin and Ethereum: Bitcoin in sideways movement
- Bitcoin price continued its sideways movement today.
- The price of Ethereum tried to reach the $1850 level yesterday but stopped at the $1849 level.
Bitcoin chart analysis
Bitcoin price continued its sideways movement today. On the upper side, we encounter resistance at the $34800 level, and we get support at the 34300 level. Slight bearish pressure is noticeable ahead of tonight’s US interest rate news. Everyone is waiting to see what the Fed will announce tonight. We need a jump above the $34,800 level in order to try to reach the $35,000 level. Potential higher targets are $35200 and $35400 levels.
For a bearish option, we are looking at the $34000 support level. A negative consolidation and a breakout below would indicate a possible deeper decline in the price of Bitcoin. Potential lower targets are $33800 and $33600 levels. Additional price support could be found in the EMA50 moving average at the $33800 level.
Ethereum chart analysis
The price of Ethereum tried to reach the $1850 level yesterday but stopped at the $1849 level. We were briefly up and very quickly returned to the previous consolidation in the $1790-$1820 range. This morning, we had a new bullish consolidation up to the $1830 level, where we found new resistance and pulled back to the $1800 level. We could see a drop and test of stronger support at the $1780 level.
A break below would signal the beginning of price weakness and the start of a bearish pullback. Potential lower targets are $1770 and $1760 levels. For a bullish option, we need a positive consolidation and a new jump above the $1820 level. After that, we would have space to start further recovery. Potential higher targets are $1840 and $1850 levels.
