Bitcoin and Ethereum: Bitcoin is back above $42750 level

Bitcoin chart analysis

The price of Bitcoin was in a bullish trend until the $43500 level. Leaving the interest rate by the FED at the same level led to the fall of the dollar index and the rise of all cryptos. After the formation of a three-day high, the price is now retreating to the $42750 level. The previous bullish consolidation has been saturated, and we are now watching for a pullback. Potential lower targets are $42500 and $42250 levels.

In the zone around $42250, we encounter the EMA50 moving average, which could stop the pullback and start a new bullish consolidation. It would be necessary to stabilize above the $43,000 level and form a new bottom there. With the next impulse, we would start testing the previous high and maybe make a breakthrough above. Potential higher targets are $43750 and $44000 levels.

Ethereum chart analysis

Yesterday’s bullish consolidation pushed the price of Ethereum up to the $2285 level. We stopped there and pulled back to support at the $2240 level. We received additional support in the EMA50 moving average in that zone and started a new bullish consolidation that could already break above the previous high. Potential higher targets are $2300 and $2320 levels.

For a bearish option, we should return to the support zone around the $2240 level again. A price drop below this level would indicate the formation of a new today’s low. This would give us confirmation of the bearish momentum, and in the future, we expect the price to retreat to lower levels. Potential lower targets are $2220 and $2200 levels.

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