Bitcoin and Ethereum: Bitcoin under pressure falls to $40600

• Bitcoin price failed to stay in the previous consolidation, and yesterday, we saw a breakout below and a drop to the $40600 level.
• This week, we are seeing a pullback in the price of Ethereum and a drop below the EMA200 moving average.

Bitcoin chart analysis

Bitcoin price failed to stay in the previous consolidation, and yesterday, we saw a breakout below and a drop to the $40600 level. We stopped there and started to recover from that level. The price first returned above $41,000, and today’s high so far is $41,500. We are in a mild bullish consolidation and expect to see further recovery above the $41600 level. Potential higher targets are $42,000 and $42,400 levels.

The EMA200 moving average is higher in the zone around the $42800 level. We need a negative consolidation and price pullback below the $41000 level for a bearish option. That way, we would return to the previous low and have a better chance to test it again. Potential lower targets are $40400 and $40000 levels.

Ethereum chart analysis

This week, we are seeing a pullback in the price of Ethereum and a drop below the EMA200 moving average. Yesterday, we saw the formation of this week’s low at the $2424 level. The fall stopped there, and we started the recovery from that level. Today, we continue in the same rhythm and grow to $2482. Expectations are that we should see a continuation of the recovery above the $2500 level.

In that zone, additional pressure is exerted by the EMA200, and we would have to skip it if we want further growth in the price of Ethereum. Potential higher targets are $2520 and $2540 levels. We need a negative consolidation and a price drop to support a bearish option at the $2425 level. New pressure could break support and form a new low. Potential lower targets are $2400 and $2360 levels.