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Bitcoin and Ethereum Prices crash

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  • The price of bitcoin has been moving sideways for the sixth day.
  • The price of Ethereum this morning dropped from $2100 and the MA200 moving average.
  • Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD is consolidating in the range that has been in force since May 12.

Bitcoin chart analysis

The price of bitcoin has been moving sideways for the sixth day. We can see that the volume has decreased, and bitcoin today ranges between 29500-30700 dollars. There is more pressure on the lower support zone, and I would not be surprised if we saw a breakthrough below this support. Should that happen, we seek first support at $ 29,000. With increased bearish pressure, a further drop in prices could occur. Potential support levels are $ 28,000, $ 27,000, $ 26,000. Our May low was at $ 23,900. For the bullish option, we need to break prices above $ 31,500. After that, we can expect a further recovery of bitcoin. Our potential bullish targets are $ 32,000, $ 32,600, $ 33,620, $ 35,000.

Ethereum chart analysis

The price of Ethereum this morning dropped from $2100 and the MA200 moving average. The decline continues throughout the day, and the price is now at the 1990 dollar level. The pressure was moved to the lower support zone around $ 1950. Below, Ethereum could find support and with positive consolidation, start a new recovery. For the bearish option, we need a break below $ 1950. The next potential levels of support are $ 1,900, $ 1,865, $ 1,800 and so on. We need a price increase to the $ 2150 resistance zone for the bullish option. A break above would boost the bullish momentum to move on to higher prices. Potential bullish targets are $ 2,200, $ 2,300, $ 2,400 and so on.

Ethereum chart analysis

Market overview

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD is consolidating in the range that has been in force since May 12. Bitcoin fell as Fed President Jerome Powell presented insights into economic policy during the Future of Everything festival in the Wall Street Journal. “I don’t know if the financial conditions have tightened more than this in a very long time,” he said in an interview. Powell confirmed that the increase in the key interest rate of 50 basis points would continue at the next meetings of the Fed’s Federal Committee for Open Markets (FOMC).

However, with risky assets set in difficult times as financial tensions continue, crypto market commentators have not had much news that is very bullish. The Fed had previously promised to keep inflation under control. It tightened its balance sheet after nearly two years of unprecedented stimulus to help the sick amid the then-bad effects of the coronavirus pandemic.

Powell acknowledged that controlling inflation could cause slower economic growth or higher unemployment, but an additional price increase would be done in a way that would prevent a recession. However, if inflation still fails to ease, Powell said rates would increase until that happens.

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