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Bitcoin drops and Ethereum continues recovery

  • Bitcoin price dropped to $19,000 yesterday.
  • The price of Ethereum recovered after falling to the $1000 level yesterday.
  • On Wednesday, the ECB announced key targets for the digital euro in a blog post authored by bank president Christine Lagarde and executive board member Fabio Panetta.

Bitcoin chart analysis

Bitcoin price dropped to $19,000 yesterday but managed to consolidate and return above $20,000 quickly. Early this morning, the price started a new pullback and again fell below the $20,000 level. We are currently at $197750, representing a 2.30% drop since the beginning of the trading day. We need a continuation of today’s negative consolidation for a bearish option. Our target is 19000% level, our yesterday’s support. A break below us can drop to $18,500 or the $18,000 support zone. We need a positive consolidation for a bullish option that will bring us back above the $20,000 level. With further price recovery, our target is the $21,000 level. Potential resistance awaits us at $20,700 in the MA200 moving average.

Bitcoin chart analysis

Ethereum chart analysis

The price of Ethereum recovered after falling to the $1000 level yesterday. A quick consolidation and bullish momentum pushed the price up to $1125. A new pullback and a return below $1100 are happening again, but now we have support at the $1060 level. If we manage to stay at this level, the price of Ethereum could once again be above $1100 today. After that, if the positive consolidation continues, ETH could continue towards the $1200 resistance zone. For a bearish option, we need a continuation of this morning’s negative consolidation and a drop below $1050. Then we would again have a target of $1000 as the first potential support.

Ethereum chart analysis

Market overview

On Wednesday, the ECB announced key targets for the digital euro in a blog post authored by bank president Christine Lagarde and executive board member Fabio Panetta. The accompanying document outlines some basic considerations for the design of a digital version of the European Union’s single currency intended for public use. It must add value compared to existing solutions, the post said.

The ECB launched the digital euro project in June 2021 and began a two-year research phase of the central bank’s digital currency in October. The ECB has been mostly tight-lipped about the details and findings of its experiment, apart from sporadic hints about the possible launch of a digital euro in the next four years. About how the ECB would probably move to cap the amount in circulation at €1.5 trillion to control the negative effects it may have on financial stability. Lagarde and Panetta also said that the digital euro is intended as a means of payment, not as a form of investment.



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