Crypto Price Analysis: Here’s What Next For Bitcoin (BTC) and Ethereum (ETH) Price

The post Crypto Price Analysis: Here’s What Next For Bitcoin (BTC) and Ethereum (ETH) Price appeared first on Coinpedia Fintech News

Both Ethereum and Bitcoin are experiencing significant developments. Ethereum is currently testing a crucial support level, while Bitcoin has confirmed a new pattern in the short term. Crypto World, in a new YouTube video, highlighted the important levels for the two coins.

The analyst said that Bitcoin price is currently above the invalidation level for the larger bullish trend that has been in place since the beginning of the year. The invalidation level, indicated by the Super Trend indicator, sits around $24.3K. A confirmed break below this level could signal a larger bearish trend. However, as of now, Bitcoin is still holding above this level, maintaining a more bullish outlook on the larger time frames.

As per the analysis, bulls are defending a crucial support area between $24.3K and $25.3K. While there has been a small bounce from this support area, the situation remains critical. A confirmed break below this support level would indicate a larger trend reversal

If a confirmed break below $24.3K occurs, the next levels of support levels would be $23.8K, $21.9K, and $19.8K to $20.2K. At the time of writing, Bitcoin is trading at $25, 380 and is down by more than two percent in the last 24 hours.

Ethereum

Switching focus to Ethereum,  the analyst said that Ethereum has defended the lower level of an important support area between approximately $1650 and $1,700. Although the price temporarily dipped below $1650, a daily candle close above this level has maintained the support. 

If a confirmed break below $1650 occurs, additional support levels to monitor are around $1610, and the golden pocket in the Fibonacci retracement zone is between $1440 and $1480. At the time of writing, ETH is trading at $1664.