- Bitcoin’s attempt to rally above $23,500 yesterday was unsuccessful.
- Earlier this morning, the Ethereum price fell to the support level of $1610.
Bitcoin chart analysis
Bitcoin’s attempt to rally above $23,500 yesterday was unsuccessful. The opposite happened, and the price began to move back. First, it fell below the $23,000 level, and we saw a bit of a drop to the $22,500 level today. Then there was a rally to $22800, but again we felt bearish pressure and the price returned to the previous low.
A bitcoin break below $22,500 could trigger a downtrend to the next $22,000 level. For a bullish option, we need positive consolidation and price return above the $23,000 level. So we need to stay there so we can start a further recovery with fresh momentum. A higher potential target is again the $23500 level.
Ethereum Chart Analysis
Earlier this morning, the Ethereum price fell to the support level of $1610. With that, we could say that we test the $1600 level. Since then, we have been in a bullish consolidation, and we are now at the $1640 level. We need a move to $1660 for a more concrete step towards a continuation of the rally.
The higher potential targets are the $1680 and $1700 levels. We need a drop to the previous support zone for a bearish option. We then need a break below, as well as a continuation of the negative consolidation. And the lower possible support targets are the $1575 and $1550 levels.
