Bitcoin and Ethereum: Bitcoin retreats below $28000
- The bitcoin price rose to the $28782 level yesterday.
- The price of Ethereum stopped its bullish trend at the $1942 level yesterday.
Bitcoin chart analysis
The bitcoin price rose to the $28782 level yesterday. After that, the price starts a pullback to the $28,000 level. Today we see a continuation of that consolidation and a drop below $28,000, forming today’s low at the $27,723 level. All moving averages are above the price, which could increase bearish pressure and push the price even lower.
We need a positive consolidation and a return to the $28200 level for a bullish option. That way, we would rise above the moving projects and get their support for continued recovery. Potential higher targets are $28500 and $28750 levels.
Ethereum chart analysis
The price of Ethereum stopped its bullish trend at the $1942 level yesterday. After that, the price starts to pull back and finds support at the $1890 level. Today we see new pressure at that level, a drop in price below, and a continued pullback below the EMA50 1h moving average.
The price falls to the $1855 level and is maintained a little above that low for now. We could likely see further price pullbacks. Potential lower targets are the $1850 and $1840 levels. If we think on the bullish side, we need to climb up to $1900 and try to hold up there. If we succeed in this, we could see further recovery and growth in the price of Ethereum.
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