Following a few days of consolidation around $46,000, bitcoin has slipped below $45,000. Although it quickly rebounded to $46,000 and even challenged $47,000 a day later, it was unable to maintain its gains.
Any further positive advance, however, will very certainly be met with resistance at $50,000, $52,000, and $54,000. Bitcoin’s price is currently hovering around $45.7k, up 0.38% in the last 24 hours.
Previously, Ethereum was at the apex of an ascending triangle, and a significant breakout was expected. However, the price dropped from $3500 to around $3160. As a result, many people assumed the bears had taken over. Although $ETH is above the previous big barrier and beyond the cloud as long as it is above $3,000. Which means that a price of $ETH above $3000.
Ethereum is currently moving upward, with the $3,350 resistance preventing additional gains. ETH/USD consolidated below the resistance after reaching below $4,000 in early September. Following that, on Tuesday, there was a sharp decline of more than 20%. At the time of writing ETH was trading at $3314.6.
If the price breaks through the local resistance, we can anticipate a push to $3682 and then a move. Price must stay above the $3283 – $3385 solid support zone.
On Friday, $ETH failed to hold over $3,320, according to Justin Bennett. And unless the market closes over $3,320 today, he believes the next critical support region is $3,000, according to him.
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.