Bitcoin and Ethereum: Bitcoin price remains above $22500
- Yesterday, Bitcoin ran out of strength and pulled back from the $23100 level.
- Ethereum price failed to hold above the $1620 level.
Bitcoin chart analysis
Yesterday, Bitcoin ran out of strength and pulled back from the $23100 level. The inability to move up to the $23500 level led to uncertainty on the chart, and bitcoin fell below $23000. This morning’s low and drop was at the $22350 level. Then the price of bitcoin managed to recover to $22,800 but again encountered resistance and made a pullback to the $22,500 level.
If we break above the $22500 level once again, the price could sink to $2200. Potential lower support levels are $21500 and $21000 levels. We need a positive consolidation and a jump to the $23500 level for a bullish option. To continue, we need a break above, and after that, we could expect to move towards the $24000 level.
Ethereum chart analysis
Ethereum price failed to hold above the $1620 level. The bearish impulse was so strong that Ethereum fell below $1550, stopping at the $1520 level. The current consolidation is taking place in the $1540-$1560 range. We need a positive consolidation and a jump to the $1580 level for a bullish option. That would bring us closer to the $1600 level, and maybe we would try to climb above.
By moving below the $1620 level, we would have returned to the previous bullish channel, and we could expect further recovery. For a bearish option, we need a negative consolidation and a drop to $1500, the previous support level. A break below would mean that we would likely see further declines in the price of Ethereum. A potential lower target is the $1450 level.