Bitcoin and Ethereum: Only Formed New Lower Lows

• This morning Bitcoin price attempted with bullish impulse, but it was stopped at the $24,400 level.
• The price of Ethereum continues its retreat after climbing above $2000 on Monday.
• The Federal Reserve will release the minutes of its July meeting tonight.

Bitcoin chart analysis

This morning Bitcoin price attempted with bullish impulse, but it was stopped at the $24,400 level. This was followed by a pullback below the $24,000 level. Bitcoin continues to fall rapidly, and the price is now at the $23,380 level. We are now looking at the $23,000 zone of potential support. We need a continuation of this negative consolidation and a drop to the $23,000 level for a bearish option. Then we expect a break below and further continuation of the bearish trend. Potential lower targets are $22,500 and $22,000 levels. For a bullish option, we need a new positive consolidation and a return of prices above the $24,000 level. After that, we need to stay above if we plan to continue up. Potential higher targets are $24,500 and $25,000 levels.

Ethereum chart analysis

The price of Ethereum continues its retreat after climbing above $2000 on Monday. The price could not withstand the pressure, and a bearish trend followed, and Ethereum only formed new lower lows. Today we fell to the $1825 level and are very close to visiting the $1800 support zone. For a bearish option, we need a continuation of the negative consolidation and a drop below the current support zone. Potential lower targets are $1750 and $1700 levels. For a bullish option, we need a new positive consolidation and a return above the $1900 level. Then we need to hold on to that level in order to try to continue first towards the $1950 and $2000 levels.

Market overview

The Federal Reserve will release the minutes of its July meeting tonight. The FOMC recently announced a 0.75% increase in interest rates, and the slowdown in spending has caused investors to worry about new disappointing economic data. This event is likely to affect the prices of cryptocurrencies.