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Bitcoin & Ethereum: BTC & ETH See Break Of Short Term Range But Bulls Still In Complete Control - Where To Next?

source-logo  coincodex.com 08 April 2021 11:14, UTC

Key highlights:

  • Bitcoin is now down by a small 3.2% over the past week as it battles to climb back above $57,000.
  • Ethereum is down by 2% today but is still up by a strong 5.3% over the past week as it battles to remain above $2,000.

Bitcoin dropped by around 4% yesterday as it fell from $58,000 to reach as low as $55,441. Luckily, it found support at $56,000 and is attempting to rebound higher from there today as it battles to climb back above $57,000.

The recent Bitcoin drop also dragged Ethereum lower by a sharper 8% yesterday as it reached as low as $1,930. Ethereum managed to find support at $1,965 and has since rebounded today to push back above $2,000 again.

The recent price drop has caused the total market cap of the entire industry to drop from $1.98 trillion to reach as low as $1.85 trillion yesterday. It has since rebounded slightly and is now sitting above $1.92 trillion today.

Let us look at these top two coins and provide some strong support and resistance areas moving forward.

Bitcoin Price Analysis

What has been going on?

Analyzing the daily chart above for Bitcoin, we can see that the cryptocurrency is currently sitting in a precarious as it trades inside a period of consolidation beneath the previous all-time high prices. The coin had surged from $45,000 at the beginning of March as it began to push higher.

Before the middle of the month, BTC managed to set a fresh new all-time high price at around $61,192. There, it met resistance at a 1.618 Fibonacci Extension level and could not overcome the resistance provided by it.

As a result, Bitcoin rolled over throughout the second half of March and continued to fall until finding support at $50,220, provided by a .618 Fibonacci Retracement level. The 50-day EMA level further bolstered this level of support.

It rebounded from the support at $50,220 in the final week of March as it started to push higher again. By the beginning of April, Bitcoin had reached the $60,000 level again but was unable to overcome the resistance at that level.

From there, it set a range between $60,000 and $57,000. This range was penetrated yesterday when BTC fell beneath the 20-day EMA level to reach the $56,000 support. It has since rebounded as it now battles to break back above the $57,000 level.

BTC price short term prediction: Bullish

Bitcoin is still bullish in the short term but is in danger of turning neutral. A break beneath $53,000 (50-day EMA) would likely turn the market neutral in the short term. It would have to fall beneath the support at $46,000 (100-day EMA) to be in danger of turning bearish in the short term.

If the sellers push lower, the first level of support lies at $56,000. This is followed by $54,715 (.382 Fib & Rising Trend line), $53,000 (50-day EMA), $52,468 (.5 Fib Retracement), and $50,000 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $57,172. This is followed by $58,000, $60,000, and $61,192 (1.618 Fib Extension & ATH price).

Beyond the ATH price, resistance lies at $62,592 (1.272 Fib Extension - blue), $64,000 (1.414 Fib Extension), and $65,000. Additional resistance lies at $66,120, $68,000, $68,745, and $70,000.

Ethereum Price Analysis

What has been going on?

The situation is fairly similar for Etheruem. The cryptocurrency found support at $1,550 at the end of March and started to rebound higher from there. In the first few days of April, Ethereum managed to push higher to create a fresh ATH.

The coin continued to slowly grind higher during this week to set a new ATH price at $2,151. It dropped lower from there yesterday as it fell as low as $1,920. It has since rebounded from this support and is now trading above $2,000.

ETH price short term prediction: Bullish

Ethereum is considered bullish in the short term. The coin would need to drop beneath $1,773 (50-day EMA & .618 Fib Retracement) to turn neutral again. It would need to continue to fall further beneath the support at $1,548 (.618 Fib & 100-day EMA) to be in danger of turning bearish in the short term.

If the sellers do push back beneath $2,000, the first level of strong support lies at $1,917 (.382 Fib & 20-day EMA). This is followed by support at $1,845 (.5 Fib Retracement), $1,800, and $1,773 (.618 Fib Retracement & 50-day EMA).

If the bears continue to drive ETH beneath the support at $1,700, additional support lies at $1,671 (.786 Fib Retracement), $1,600, and $1,548 (long term .618 Fib & 100-day EMA).

Where is the resistance toward the upside?

On the other side, the first level of strong resistance is expected at $2,114 (1.272 Fib Extension level). This is closely followed by resistance at the ATH price of $2,151. If the buyers continue to drive above the ATH price, resistance lies at $2,205 (1.414 Fib Extension), $2,262.85 (1.414 Fib Extension - orange), and $2,300.

Further beyond $2,300, resistance is found at $2,336 (1.618 Fib Extension - blue), $2,405 (1.272 Fib Extension - purple), $2,500, and $2,528 (1.618 Fib Extension - purple).

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

  • Binance Coin Price Analysis - BNB Weekly Surge Reaches 25% As ATH Above $400 Is Reached - How High Can It Go? (Bullish)
  • Theta Analysis - THETA Continues To Drive Toward Top-10 Ranked Coins As Surrounding Market Slumps (Bullish)
  • Ethereum Price Analysis - ETH Outflows Increase After Setting Fresh ATH Prices This Week - Institutions Already Here? (Bullish)
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