Bitcoin and Ethereum: Bitcoin pulls back from $43750
- Yesterday, we watched a new attempt by the price of Bitcoin to reach the $44000 level.
- Yesterday, we saw a limited rise in the price of Ethereum to the $2350 level.
Bitcoin chart analysis
Yesterday, we watched a new attempt by the price of Bitcoin to reach the $44000 level. The price managed to climb only to the $43738 level. He encountered resistance and began a retreat that continues today. This morning, we slipped to the $41860 level, and for now, we are managing to stop further decline. We are back above the $42000 level and are testing the EMA200 moving average here.
A return above Bitcoin could initiate a new bullish consolidation. Potential higher targets are $42400 and $42800 levels. For the bearish option, we need to stay below the EMA200 and test this morning’s low again. New pressure on the price in that zone would lead to a drop below and the formation of a new low for this week. Potential lower targets are $41600 and $41200 levels.
Ethereum chart analysis
Yesterday, we saw a limited rise in the price of Ethereum to the $2350 level. A lower high price was formed compared to the previous day. That was a sign for us that the price was starting to retreat, and a new low was formed at the $2240 level. We stop there and start a bullish consolidation up to the $2275 level. If it continues, the current consolidation could increase the price up to $2300 and the EMA200 moving average.
Moving above, potential higher targets are $2320 and $2340 levels. We need a negative consolidation and pullback to the previous support at the $2240 level for a bearish option. With a break below, Ethereum would form a new weekly low, and potential lower targets are the $2220 and $2200 levels.
