Bitcoin and Ethereum: Difficulties in the Crypto Industry
- The price of bitcoin has been calm for the third day in the zone around the $21,000 level.
- The price of Ethereum pulled back below the $1600 level again this morning.
- Bitcoin miners’ income falls to a 12-month low due to difficulties in the crypto industry.
Bitcoin chart analysis
The price of bitcoin has been calm for the third day in the zone around the $21,000 level. Yesterday we saw an attempt to climb to the $22000 level, but the price of Bitcoin did not have the strength to do such a thing. This morning we retested the $21000 support zone. We have a minor bullish impulse that moved us to the $21330 level. We need to at least climb to $21600 to get support in the MA20 and MA50 moving averages. After that, we could expect a continuation of the bitcoin price growth up to the $22,000 level. Potential higher targets are $22500 and $23000 levels. We need a negative consolidation and a return to the $21000 support zone for a bearish option. Then we need a break below for further continuation to the bearish side. Potential lower targets are $20500 and $20000 levels.
Ethereum chart analysis
The price of Ethereum pulled back below the $1600 level again this morning. Today’s low is at the 15254 level. Then we see a short recovery to $1577, and we could once again climb to the $1600 level. If we succeeded, we would get additional support in the MA20 and MA50 moving averages. Potential higher targets are $1650 and $1700 levels. For a bearish option, we need a continuation of the negative consolidation and a further decline towards the $1500 support level. The price of Ethereum is already slowly encountering the obstacle at $1600 and turning downwards. The moving averages are certainly on the bearish side and direct us towards the $1500 level. Below we could find new support for the next bullish impulse. Otherwise, we continue to look for the next support zone. Potential lower targets are $1450 and $1400 levels.
Bitcoin miners’ income falls to a 12-month low due to difficulties in the crypto industry. The total income of Bitcoin miners was $19.65 million. That’s a 12-month low or a 61% drop from the $50.73 million seen in August last year.