Bitcoin and Ethereum: The Price Is Generally Calm Today
- Bitcoin price is generally calm today, managing to hold above the $19,000 level.
- Today, the price of Ethereum manages to hold above the $1600 level.
- The price of Bitcoin now depends on the strength of the dollar.
Bitcoin chart analysis
The price of bitcoin is generally calm today, managing to hold above the $19,000 level. Now we have pressure again on this support level due to the interest rate increase by the European Central Bank and Powell’s speech that awaits us before the start of the US trading session. For a bullish option, we need a better positive consolidation and at least a move above the $19,600 level. Then we would have a better chance of reaching the $20,000 level. A return above would only move us to a higher position, as we need a more concrete rise in the price of Bitcoin to the $21,000 level. We need a negative consolidation and a price drop below the $19,000 level for a bearish option. Then we would probably retest the low at the $18,500 level. A potential lower target is the $18,000 support level.
Ethereum chart analysis
Today, the price of Ethereum manages to hold above the $1600 level, and there is a good chance that we will see a continuation to $1700 and the formation of a new higher high. First, we must climb above yesterday’s high at the $1660 level. The next target is the $1685 resistance level from the previous day. If we rise above $1700 and hold it there, we could see a new bullish impulse and a continuation of the bullish trend. Potential higher targets are $1750 and $1800 levels. We need to get back below the $1600 level of support for a bearish option again. The MA50 and MA200 moving averages provide us with additional support at that point. A fall below would direct us towards the previous low. Potential lower targets are $1550 and $1500 levels.
The price of Bitcoin now depends on the strength of the dollar. The CPI release on September 13 will highlight the Fed’s monetary policy. This will have a big impact on the price of Bitcoin. Today we had an interest rate increase by the European Central Bank. The ECB increased its interest rate from 0.50% to 1.25%, but this news did not impact the cryptocurrency price movement. A result was expected and in line with the forecast.