Bitcoin and Ethereum: Ethereum pauses at the $2390 level
On Tuesday, the Bitcoin price jumped to a three-week high at the $43853 level.
Yesterday’s jump in the price of Ethereum was up to the $2391 level.
Bitcoin chart analysis
On Tuesday, the Bitcoin price jumped to a three-week high at the $43853 level. Today’s picture is different, and we are looking at a pullback to the $42800 level. There, we got support and started a mild bullish consolidation that brought us back to the $43000 level. We now need continued consolidation to begin further recovery. By moving above $43200, we would be on the right track, and potential higher targets are $43600 and $43800 levels.
We need a negative consolidation and a new support test at $42800 for a bearish option. The inability to stay above it leads to a price drop and the formation of a two-day low. This confirms the increase in bearish momentum for the continuation of the fall in the price of Bitcoin. Potential lower targets are $42400 and $42000 levels. The EMA200 moving average is an additional support in the zone around $42000.
Ethereum chart analysis
Yesterday’s jump in the price of Ethereum was up to the $2391 level. Growth has stagnated there, and the price is starting to pull back, which continues today. We are currently at the $2335 level, remaining under bearish pressure. This could lead to continued pullbacks and looking for support at lower levels. Potential lower targets are $2320 and $2300 levels. The EMA200 moving average provides us with support in the zone around the $2305 level.
We need a positive consolidation and movement of Ethereum price above the $2350 level for a bullish option. With that move, we would confirm the previous low and have a good basis for recovery. Potential higher targets are $2360 and $2380 levels.
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