Bitcoin and Ethereum: Will Prices Go Up or Down?
- During the first part of the day, the price of bitcoin manages to stay above the $19,000 level.
- On Monday, the price of Ethereum fell to the $1300 level. After which, we see recovery attempts.
Bitcoin chart analysis
Everyone is waiting for tonight’s decision by the FED on the interest rate. During the first part of the day, the price of bitcoin manages to stay above the $19,000 level. The current price of bitcoin is at the $19250 level. Technical analysis tells us that for a bullish option, we need a continuation of the recent positive consolidation to the upper resistance zone at the $20,000 level. Additional resistance at that point is in the MA200 moving average. A price break above would be very positive for further recovery. Potential higher targets are $20500 and $21000 levels. For a bearish option, we need a negative consolidation and a drop below the $19000 support level. After that, we could retest this week’s low at $18200. There, we are near the $18,000 support level.
Ethereum chart analysis
On Monday, the price of Ethereum fell to the $1300 level. After which, we see recovery attempts. The price of Ethereum failed to reach the $1400 level in the previous three days. Today’s high is at the $1360 level, and we have support in the MA20 and MA50 moving averages. Based on them, we could expect a continuation of the recovery and possibly testing the $1400 level. For a more concrete bullish scenario, we need a break above and an attempt to stay above. Potential higher targets are $1450 and $1500 levels. For a bearish option, we need a negative consolidation and a price drop to the $1300 support level. If we slip below, it could form a new monthly low. Potential lower targets are $1250 and $1200 levels.
