Bitcoin and Ethereum: Pressure on Bitcoin at $43200 level
- Over the weekend, we saw a fairly quiet movement in the price of Bitcoin.
- Over the weekend, we watched the Ethereum price pull back from $2328 to $2268.
Bitcoin chart analysis
Over the weekend, we saw a fairly quiet movement in the price of Bitcoin. We had a slight pullback on Sunday evening as we approached Monday. This led to a drop in the price to the $42250 level. We successfully stop there, and with bullish consolidation, we start the recovery, rising to the $43200 level. Now, we need to stay here in order to continue growing and conquering higher levels with new momentum. Potential higher targets are $43500 and $43750 levels.
We need a negative consolidation and price pullback below the $43000 level for a bearish option. In the zone around $42600, we come across the EMA200 moving average. We had his support last week and also this morning. New pressure could cause a breakout below and initiate the formation of a new weekly low. That move would increase pressure on Bitcoin to continue its retreat. Potential lower targets are $42000 and $41750 levels.
Ethereum chart analysis
Over the weekend, we watched the Ethereum price pull back from $2328 to $2268. This morning, we successfully got support at that level and started a recovery by returning above the $2320 level. Now, here we encounter resistance again and pause in the previous bullish momentum. We need a break above $2330 to climb this week’s new price high.
Potential higher targets are $2330 and $2340 levels. We need negative consolidation and a move below the $2300 level for a bearish option. In that zone, we encounter the EMA200 moving average. A drop below would lead to increased pressure on Ethereum to begin a further pullback to lower levels. Potential lower targets are $2280 and $2270 levels.
