Bitcoin and Ethereum Retreat From Previous Highs
- Bitcoin price retreated from $17,400 to $17,000 yesterday afternoon.
- Ethereum retreated from $1300 to $1250 yesterday.
Bitcoin chart analysis
Bitcoin price retreated from $17,400 to $17,000 yesterday afternoon. Yesterday’s low was at $16900. Today, the price remained above, but without any major movement. We mostly oscillated around the $17,000 level. We are now seeing a renewed increase in bearish pressure that could further push the price of Bitcoin down. The first next support is at the $16750 level; if we break below it, we are looking for the next one in the zone around the $16500 level.
For a bullish option, we need a new positive consolidation and a move above today’s high at the $17100 level. If we move above, we would have a new chance to retest yesterday’s high at $17400. A price break above could take us to the $17,500 level. A potential higher target if we find ourselves above it is the $17750 level.
Ethereum chart analysis
Ethereum retreated from $1300 to $1250 yesterday. Today’s picture shows an attempt to hold above and initiate a new bullish impulse. For something like that, we need a positive consolidation and a move up to the $1275 level. By doing so, we would take the first step toward further recovery. In continuation, we could visit the $1300 resistance zone again. A break above would increase bullish optimism for a potential continuation of the price recovery. And higher targets are $1325 and $1350 levels.
For a bearish option, we need a negative consolidation and a new drop below the $1250 support level. A drop below would add further pressure on the price of Ethereum, which could lead to a continuation of the bearish option. Potential lower targets are $1225 and $1200 levels.