Bitcoin and Ethereum: Ethereum is holding above $2000

Bitcoin chart analysis

Bitcoin price managed to hold above $37000 at the beginning of this week. Last night, we saw the price jump to the $37769 level. The growth stopped there, and we started to pull back to the support at the 37300 level. Currently, we are still under bearish pressure at that support level, and this could affect us to see a breakout below and the formation of a new low price of bitcoin. Potential lower targets are $37200 and $37000 levels.

The EMA50 moving average is in the zone around the $36800 support level. We need a positive consolidation and a return above the $37500 level for a bullish option. In this way, we would form a new bottom from which we would have the opportunity for further recovery. Potential higher targets are $37800 and $38000 levels.

Ethereum chart analysis

Ethereum’s price climbed up to the $2067 level yesterday. After that, we start a pullback to support at the $2000 level. Additional support in the zone around $2000 was located in the EMA50 moving average. If we manage to hold above this support, we could expect to see the formation of a new bottom in that zone and the initiation of a new bullish consolidation. Potential higher targets are $2030 and $2040 levels.

We need a negative consolidation and a drop to the $1990 level for a bearish option. Thus, we would drop below the EMA50 and below the $2000 level. In this way, we would have confirmation of the increase in bearish pressure and the continuation of the Ethereum price retreat. Potential lower targets are $1980 and $1970 levels.

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