Bitcoin and Ethereum: Jump and return
- During yesterday’s day, the price of bitcoin was between 30,000-30,500 dollars most of the time.
- The price of Ethereum today is consolidating around 1800 dollars.
- Volatile trading partly reflects the uncertainty of the stock market as the S&P 500 index ranged from 3,900 to 4,180 in the same period.
Bitcoin chart analysis
During yesterday’s day, the price of bitcoin was between 30,000-30,500 dollars most of the time. We had one jump to $ 30,880, but we quickly returned to the daily range of motion. Today’s high was at $ 30,700; after that, we have a new pullback. Bitcoin could retest $ 30,000 in support. Negative pressure could further lower the price first to support at $ 29,500, and if it does not support us, it could slip to $ 29,000. For the bullish option, we need a price return above $ 30,500, and with the new bullish consolidation, we should try to climb to $ 31,000. After that, bitcoin could try to break above and exit above this side channel of movement. Potential higher targets are $ 31,500, $ 32,000 and $ 32,500 in price.
Ethereum chart analysis
The price of Ethereum today is consolidating around 1800 dollars. Today’s maximum was at 1830 dollars, after which we see a return to the previous starting position. In the last couple of hours, we have a shorter bearish trend that has lowered the price of ETH to $ 1790. If bearish pressure continues, the price could continue towards the $ 1,700 support zone. Yesterday’s support was around 1760 dollars. Ethereum has failed to form a new higher high in the past few days, and on June 7, a new lower low was formed. This is a sign to us that the price is still moving towards lower targets. For the bullish option, we need positive consolidation at least above $ 1860. Then we could try to attack the $ 1900 level and return in the previous larger side zone of movement of $ 1900-2100.
Market overview
Volatile trading partly reflects the uncertainty of the stock market as the S&P 500 index ranged from 3,900 to 4,180 in the same period. On the one hand, there was economic growth in the euro area, where gross domestic product increased by 5.1% compared to the previous year. On the other hand, inflation continues to rise, reaching 9% in the United Kingdom.
Another contribution to the volatility of bitcoin was the proposal for a regulatory framework for digital assets, which was presented to the US Senate on June 7. The 69-page two-party law is supported by Senator Cynthia Lummis of Wyoming and Senator Kirsten Gillibrand of New York. It addresses the CFTC’s authority over the applicable digital property market spot.