Bitcoin and Ethereum: Bitcoin price drops below $23,000
- Bitcoin’s attempt to climb above $23500 yesterday was unsuccessful.
- Early this morning, the price of Ethereum dropped to the $1610 support level.
Bitcoin chart analysis
Bitcoin’s attempt to climb above $23500 yesterday was unsuccessful. The opposite happened, and the price started to pull back. First, it fell below the $23,000 level, and today we saw a lower drop to the $22,500 level. Then there was a recovery up to $22800, but again, we felt bearish pressure, and the price returned to the previous low.
A bitcoin breakout below $22500 could trigger a bearish trend to the next $22000 level. For a bullish option, we need a positive consolidation and a return of the price above the $23000 level. Then we need to stay there so that we can start further recovery with a new impulse. A potential higher target is again the $23500 level.
Ethereum chart analysis
Early this morning, the price of Ethereum dropped to the $1610 support level. With that, we could say that we tested the $1600 level. Since then, we have been in a bullish consolidation, and now we are at the $1640 level. We need a move to $1660 to take a more concrete step towards continuing the recovery.
Potential higher targets are $1680 and $1700 levels. We need a drop to the previous support zone for a bearish option. Then we need a breakout below as well as a continuation of the negative consolidation. And potential lower support targets are $1575 and $1550 levels.
