Bitcoin and Ethereum: BTC is still hovering around $30000

• In the previous 12 hours, the price of Bitcoin managed to return above the $30,000 level.
• This morning, we saw a recovery in the price of Ethereum from yesterday’s drop.

Bitcoin chart analysis

In the previous 12 hours, the price of Bitcoin managed to return above the $30,000 level. Today’s high was formed at the 30200 level. For now, we are encountering resistance at that level, and the price is coming back to the $30,000 support level. If we manage to stay there, we would have the opportunity to initiate further recovery with a new bullish consolidation.

Additional pressure in the zone around $30200 was leveled in the EMA50 moving average. A price break above could take us up to the $30400 level. Thus, we would find ourselves above the EMA50 moving average and could get its support for a bullish continuation. Potential higher targets are $30500 and $30600 levels. As long as we are below the EMA50, the price of Bitcoin will be under bearish pressure.

Ethereum chart analysis

This morning, we saw a recovery in the price of Ethereum from yesterday’s drop. Yesterday’s low price was at $1880, after which we consolidate and begin recovery to the $1920 level. We are currently encountering resistance at that level and pulling back to the $1910 level. It is important for us to stay above, in order to initiate a new bullish impulse.

We need a break above the $1920 level, and the price needs to hold above it. After that, we could expect to see bullish consolidation and price recovery. Potential higher targets are $1930 and $1940 levels. We need a negative consolidation and pullback to yesterday’s low at the $1880 level for a bearish option. A price drop below means the formation of a new low and a possible continuation to the bearish side. Potential lower targets are $1870 and $1860 levels.

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