Bitcoin and Ethereum: Bitcoin seeks support at $42,600

Bitcoin chart analysis

The price of Bitcoin remains in a sideways consolidation today. Yesterday we managed to climb up to the $43,610 level and form this week’s price high. After that, we see a price pullback to the $42540 level. That is today’s low, and for now, we are staying above it. In the previous two hours, the Bitcoin price recovered to 42780 levels.

We need a jump above $43800 to cross the potential consolidation zone. Potential higher targets are $43000 and $43200 levels. EMA200 moving average is in the zone around $43600 levels. We need a break below the support at the $42500 level for the bearish side. A pullback below would add pressure on the price to search for new lower support. Potential lower targets are $42250 and $42000 levels.

Ethereum chart analysis

Yesterday, we saw the Ethereum price rise to the $2613 level. ETH managed to move again above the $2600 level and thus form this week’s high. We stopped there yesterday and started a retreat that continues today. In the previous hour, the price formed a daily low at the $2537 level. We managed to get support and recover slightly to the $2550 level. Ethereum remains under pressure to continue its pullback below today’s low. Potential lower targets are $2530 and $2520 levels.

We need to get back above the $2560 level for a bullish option. Then, we should form a bottom there and the next consolidation. After that, we can expect a bullish continuation and recovery to higher levels. Potential higher targets are $2570 and $2580 levels.

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