Bitcoin and Ethereum: New support for Bitcoin at $42000
- The price of Bitcoin received support at the $42000 level yesterday.
- The price of Ethereum is in a bullish trend after falling to the $2240 level yesterday morning.
Bitcoin chart analysis
The price of Bitcoin received support at the $42000 level yesterday. We had additional support in that zone in the EMA200 moving average. After that, the price makes a bullish consolidation and climbs above the $43,000 level, forming a high at the $43,400 level. This morning, we are looking at movement in the $42900-$43200 range. The price is quite calm and stable, and we need an impulse in some direction to determine the next trend. A break above $43400 would indicate a further recovery and a visit to higher levels.
Potential higher targets are $43600 and $43800 levels. We need a pullback below the $42800 level for a bearish option. Such a move would introduce uncertainty into Bitcoin and force it to retreat. Potential lower targets are $42600 and $42400 levels. The EMA200 moving average is currently in the zone, around $42300.
Ethereum chart analysis
The price of Ethereum is in a bullish trend after falling to the $2240 level yesterday morning. We are now in the zone around the $2300 level and looking for support in the EMA200 moving average. If it gets what we’re looking for, we’ll see the Ethereum price continue to recover to higher levels. Potential higher targets are $2340 and $2360 levels.
We need a break below these support levels at $2300 for a bearish option. Below, we would be under bearish pressure to start a pullback looking for new support. Potential lower targets are $2280 and $2260 levels. Down there, we cannot rule out a visit to this week’s low at the $2240 level.
