Bitcoin and Ethereum: Bitcoin is calm ahead of Fed report
Bitcoin price continues to consolidate sideways, moving in the $34000-$34800 range. The price of Ethereum has also been in a sideways consolidation for a week, holding above the $1780 level.Bitcoin chart analysis
Bitcoin price continues to consolidate sideways, moving in the $34000-$34800 range. We have been in this consolidation for seven days now, and there is every possibility that such a movement will continue today. All cryptocurrencies are on standby as they await tomorrow’s Fed decision on the future interest rate.
For a bullish option, we need a positive consolidation to resistance at the $34800 level. Then, we need a break above to get to the $35,000 level. Potential higher targets are $35200 and $35400 levels.
For a bearish option, we need a negative consolidation and a drop below the $34000 support level. A break below would signal a further pullback and confirm bearish primacy on the chart. Potential lower targets are $33800 and $33600 levels.
Ethereum chart analysis
The price of Ethereum has also been in a sideways consolidation for a week, holding above the $1780 level. The upper resistance is in the zone around the $1840 level, and we need to move above it if we want to see a more concrete bullish movement and the formation of a new high. Potential higher targets are $1860 and $1880 levels.
For a bearish option, we need a negative consolidation of the price drop to the $1760 support level. There, we came across the EMA50 moving average, which could provide us with some support.
If there is a break below, a new low would be formed, and thus, we would confirm the bearish option. Potential lower targets are $1740 and $1720 levels.
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