Bitcoin and Ethereum: Bitcoin pullback below $42000
- The pressure on the price of Bitcoin yesterday influenced us to see a drop below the $45000 level.
- The price of Ethereum slipped to the $2101 level yesterday, forming a one-month low.
Bitcoin chart analysis
The pressure on the price of Bitcoin yesterday influenced us to see a drop below the $45000 level. In just two hours, the price dropped from $45,600 to $41,454. After that, we return above $42000 and manage to hold on, triggering a bullish consolidation to the $43200 level. For now, we encounter resistance here, and additional pressure is created by the EMA50 moving average. We would have to break the above if we want to see the recovery continue.
Potential higher targets are $43600 and $44000 levels. We need a pullback and a new test of the $42000 support level for the bearish option. The inability to hold above leads to a breakout below and thus sends the price of Bitcoin to lower levels. Potential lower targets are $41600 and $41200 levels.
Ethereum chart analysis
The price of Ethereum slipped to the $2101 level yesterday, forming a one-month low. There we find support and quickly climb to the $2200 level. After that, we are moving in the $2200-$2250 range so far. We need a break above $2050 to release the bearish pressure and trigger a bullish option. Potential higher targets are $2275 and $2300 levels. Additional resistance to further continuation will be in the EMA50 moving average at the $2300 level.
We need a negative consolidation and pullback below the $2200 support for a bearish option. A drop below would indicate a further pullback and a drop in the price of Ethereum to lower levels. Potential lower targets are $2175 and $2150 levels. Depending on bearish pressure, we cannot rule out a visit to yesterday’s $2100 support level.
