Bitcoin is on the defensive, Ethereum is under more pressure
On Friday, we saw a jump in the price of Bitcoin to the $38437 level. The price of Ethereum is in retreat after climbing to the $2133 level on Friday.Bitcoin chart analysis
On Friday, we saw a jump in the price of Bitcoin to the $38437 level. We stayed up there for a short time, and a pullback to the $37800 support level followed. On Saturday, the price managed to maintain at that level, and on Sunday we saw a breakthrough below and the formation of a low price at the $37,180 level. In that zone, we find support in the EMA50 moving average and see a stop to the fall in the price of Bitcoin.
A breakout of the ispdo price could increase bearish pressure on the price and send it to test support at lower levels. Potential lower targets are the $37,000 and $36,800 levels. We need a positive consolidation and a move above the $37600 level for a bullish option. Then, we need to hold there and form the next bottom above that level. After that, we can expect to see a new bullish impulse and the start of a Bitcoin price recovery. Potential higher targets are $37800 and $38000 levels.
Ethereum chart analysis
The price of Ethereum is in retreat after climbing to the $2133 level on Friday. The weekend passed in a bearish consolidation with the $2040 level. There, we met the EMA50 moving average and started to recover, this time only up to the $2080 level. After that, a new pullback succeeded and a break below the EMA50 and the $2040 support level. We now expect to see a further decline and the formation of a new weekly price low.
Potential lower targets are $2020 and $2000 levels. We need a positive consolidation and return above the $2040 level for a bullish option. Then we would have to hold above it and form a new bottom there. After that, we can expect to see a bullish impulse and the initiation of a bearish option. Potential higher targets are $2060 and $2080 levels.
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