Bitcoin and Ethereum: no swings in the crypto market
- The price of Bitcoin is currently stable at the $23,000 level, moving sideways.
- The price of Ethereum remained stable above the $1620 level.
Bitcoin chart analysis
The price of Bitcoin is currently stable at the $23,000 level, moving sideways. The crypto market is quiet, but we could see some major movement soon. We need a break above the $23500 level and a positive consolidation for a bullish option. After that, we should expect to see a further recovery in the price of bitcoin. Potential higher targets are $24000 and $24500 levels.
We need a negative consolidation and price pullback to the $22500 support level for a bearish option. A price breakout below would mean a continuation of Bitcoin’s decline. Potential lower targets are $22000 and $21500 levels.
Ethereum chart analysis
The price of Ethereum remained stable above the $1620 level. The market is generally calm, and ETH is moving sideways without oscillations. On the chart, we see an ascending channel and the way the Ethereum price is moving, and we could expect the price to touch the lower line of this channel before any major movement occurs on the chart. Our support line is about $1600. If we manage to hold above, we will have a good chance to form a new bottom and trigger the next bullish consolidation.
Potential higher targets are the $1700 and $1750 levels. We need a break below the $1600 level and the lower channel line for a bearish option. After which, the price would come under more pressure, and we would probably see further descent to the next lower support. Potential lower targets are $1550 and $1500 levels.