Bitcoin and Ethereum: Up and Down

• Today, the price of Bitcoin is hovering around the $24,000 level
• The price of Ethereum continues its movement around $1900, which was started yesterday.
• The use of cryptocurrencies has increased rapidly during the Covid-19 pandemic.

Bitcoin chart analysis

Today, the price of Bitcoin is hovering around the $24,000 level. For now, everything is calm without major oscillations. Yesterday we dropped from the $25,200 level to the $24,000 in today’s support zone. We can also say that we are now testing the support of the MA200 moving average, and if we see a break below, the price could continue to fall. We need a negative consolidation and a drop below the current support zone for a bearish option. If that were to happen, the potential lower targets are the $23,500 and $23,000 levels. We need positive consolidation and a jump to at least $24,250 levels for a bullish option. After that, we could expect a recovery in the price of Bitcoin. Potential higher targets are $24,500 and $25,000 levels.

Ethereum chart analysis

The price of Ethereum continues its movement around $1900, which was started yesterday. In the first part of the day, we went down to the $1860 level, after which we returned again to the $1900 level. Additional support at this level is found in the MA200 moving average. On the upside, we have pressure in the MA20 and MA50 moving averages. For a bearish option, we need a negative consolidation and a fall in the price of Ethereum below the $1850 level. After that, there would be increased bearish pressure on the price, and we would probably go down to the $1700 support zone. We need a positive consolidation and a more specific price break above the $1900 level for a bullish option. After that, we would get additional support in the MA20 and MA50 moving averages. Potential higher targets are the $1950 and $2000 major resistance zones.

Market overview

The use of cryptocurrencies has increased rapidly during the Covid-19 pandemic. The UN urges authorities to curb the expansion of cryptocurrencies in developing countries due to possible abuses and fraud. The UN believes that if cryptocurrencies become a widespread means of payment, it could threaten the monetary sovereignty of nations. Last week, the United Nations Conference on Trade and Development called on authorities in developing countries to take measures to prevent the widespread use of cryptocurrencies.