Bitcoin and Ethereum: Ethereum slips to $2361 to new low
- On Friday, the price of Bitcoin fell to a new low this year at the $40258 level.
- On Friday, we saw Ethereum’s price pull back to the $2410.
Bitcoin chart analysis
On Friday, the price of Bitcoin fell to a new low this year at the $40258 level. A quick recovery followed and a jump to the $42,000 level. During the weekend, the price movement was in the $41500-$41850 range. As we entered Monday, the price of Bitcoin began to retreat. We easily broke the support levels one after the other, $41250, $41000 and $40750, and now the price is at the $40650 level. We remain under bearish pressure to continue further pullback.
Potential lower targets are $40250 and $40000 levels. For a bullish option, we would have to go up to $41250 and form a bottom there. After that, we need a positive consolidation that would trigger a bullish option. Potential higher targets are $41500 and $41750 levels. EMA200 moving average is high at the $42200 level.
Ethereum chart analysis
On Friday, we saw Ethereum’s price pull back to the $2410. After the support, the price recovered to the $2500 level. Additional pressure in that zone creates the EMA200 moving average. The price was quite calm during the weekend, moving in the $2450-$2480 range. At the beginning of Monday, the price immediately showed that it was going to the bearish side. We quickly broke the support at the $2450 level. This led to the continuation of the pullback towards the $2400 level.
The decline did not stop there either, and the price slipped to $2,361. We are now looking at $2350 and $2325 as potential lower targets. We need a positive consolidation and a return above the $2400 level for a bullish option. That would start a resistance, but we would have to move above the $2425 level. Potential higher targets are $2450 and $2475 levels.
