Bullish impulse Pushing the Price of Bitcoin and Ethereum

• Bitcoin price continues to move sideways in the $21000-$22000 range.
• The price of Ethereum continues this week’s recovery from the $1525 level, the low of August 21.
• Sanctions and disagreements hinder the adoption of the law on the regulation of cryptocurrency mining in Russia, experts say.

Bitcoin chart analysis

Bitcoin price continues to move sideways in the $21000-$22000 range. Today we see a bullish consolidation pushing the price of Bitcoin to the upper resistance zone. MA20 and MA50 are in the area around $21500 levels and help to direct the price. We need to continue this consolidation to the $22000 level for a bullish option. After that, we need to break prices above and try to stay above. Additional support is found in the MA200 moving average. Then, with the next bullish impulse, we continue towards the next resistance zone at the $23000 level. We need a negative consolidation and pullback below $21500 and the moving averages for a bearish option. We then likely continue lower to support at the $21,000 level. Potential lower targets are $20500 and $20000 levels.

Ethereum chart analysis

The price of Ethereum continues this week’s recovery from the $1525 level, the low of August 21. Yesterday the price formed a new higher low at $1600, then a bullish impulse level followed, and now we are at the $1715 level. Also, the price managed to move above the MA200 moving average. This picture is now much more optimistic for Ethereum, which could continue its recovery towards the $1800 level. We need a negative consolidation and a return below the $1700 level for a bearish option. After that, the price could continue the pullback first to the $1660 level, the previous higher low from the beginning of the day. The potential next target is the $1600 level of support from yesterday. The main support zone is $1500-$1550.

Market Overview

Sanctions and disagreements hinder the adoption of the law on the regulation of cryptocurrency mining in Russia, experts say. Despite the recent downturn in the crypto market, cryptocurrency mining continues to expand in Russia. At the beginning of the year, Russia ranked fifth among mining destinations. The lack of regulation, however, means that digital currency mining still takes place in Russia’s shadow economy. Two dedicated laws are designed to legalize the mining business but have not yet been approved by the government. The main reason why the law on mining has not yet been adopted is that the Russian authorities at different levels do not have a unified position on the matter.