Bitcoin and Ethereum: Eight Days Of Stability Is Over

• For eight days, bitcoin stayed around $20,000, after which it fell below the $19,000 level yesterday.
• Early this morning, the price of Ethereum fell to $1500.
• According to a report published by KPMG, interest in cryptocurrencies and other investments in similar organizations will slow down.

Bitcoin chart analysis

For eight days, bitcoin stayed around $20,000, after which it fell below the $19,000 level yesterday. This morning’s low was up to the $18550 level, where the price of bitcoin finds support and makes a minor recovery up to the $18870 level. Now we are trying to climb and maintain above the $19000 level. For a bullish option, we need a new positive consolidation that will bring us back to the $20,000 level. And then we would try to climb above and continue the recovery. For a bearish option, we need a continuation of the negative consolidation. We could once again test this morning’s low at the $18550 level. A price break below would mean a continuation towards the $18,000 level, and we were there the last time in June.

Ethereum chart analysis

Early this morning, the price of Ethereum fell to $1500, after which it found support there and climbed to the current $1540 level. Yesterday we failed to rise above $1700; our maximum was $1688, which was not enough to continue the bullish trend. Now we are starting a new bullish attempt to first climb to the $1600 level to get additional support at that point, in the MA200 moving average. Then we need to rise above and try to stay there. And the next bullish impulse could move us to $1700 again. For a bearish option, we need a negative consolidation and a new price drop below $1500. Potential lower targets are $1450 and $1400 levels.

Market Overview

According to a report published by KPMG, interest in cryptocurrencies and other investments in similar organizations will slow down. Instead, the focus will now shift to infrastructure when it comes to crypto and blockchain investments. While cryptocurrency investment is expected to slow down further, there is likely to be a continued focus on using blockchain to modernize the financial market.