- On Friday we saw the price of Bitcoin fall below the support level at $46,000.
- On Friday afternoon, Ethereum price jumped to $2,717, marking a new high for the year.
Bitcoin chart analysis
On Friday we saw the price of Bitcoin fall below the support level at $46,000. This led to bearish impulses and the formation of a new low at $41,509. Over the weekend, we saw consolidation in the $42,400-$43,300 range, and last night we saw a new bearish impulse and a drop to the $41,715 level. The price receives support from this level and starts recovering to the $42,600 level. We will have to break above the $43,000 level to get rid of the downside pressure.
Possible higher targets are the $43,500 and $44,000 levels. In the area around $44,000, we encounter the EMA50, which we hope will support it for further continuation to the upside. Since the price is currently under pressure, the bearish scenario is in place, and we cannot rule out further decline in Bitcoin price. Possible lower targets are $42,000 and $41,500.
Ethereum chart analysis
On Friday afternoon, Ethereum price jumped to $2,717, marking a new high for the year. After that, there was a pause, and we saw a pullback to the $2456 level. Over the weekend, the price began to consolidate upwards towards $2,588, where we encountered new resistance. Yesterday, we were down all day until this morning at the $2471 level. The decline stopped there, and Ethereum began to consolidate positively, recovering to the $2,527 level.
We now expect to see further price recovery to the highest level recorded yesterday. Possible higher targets are $2,560 and $2,600 levels. For a bearish option, the price should start a negative consolidation and visit this morning's low at $2,470. Increased pressure may trigger a breakout down and the formation of a new low. Possible lower targets are the $2,440 and $2,400 levels.
