Bitcoin & Ethereum: BTC & ETH see short-term range disrupted, but cops still have complete control – what’s next?

Key highlights:

• Bitcoin is down a tiny 3.2% over the past week as it struggles to climb back above $ 57,000.
• Ethereum is down 2% today but is still up a strong 5.3% over the past week as it struggles to stay above $ 2,000.

Bitcoin fell around 4% from $ 58,000 to $ 55,441 yesterday. Fortunately, it found support at $ 56,000 and is trying to recover from there today as it struggles to climb back above $ 57,000.

The recent Bitcoin decline also pushed Ethereum down 8% yesterday when it hit just $ 1,930. Ethereum managed to find support at $ 1,965 and has since bounced back today to push back above $ 2,000.

The recent drop in prices has caused the total market capitalization of the entire industry to drop from $ 1.98 trillion to just $ 1.85 trillion yesterday. It has rebounded slightly since then and is now over $ 1.92 trillion.

Let’s take a look at these top two coins and offer some strong areas of support and resistance for the future.

Bitcoin price analysis

What’s happening?

If we analyze the above daily chart for Bitcoin, we can see that the cryptocurrency is currently in a precarious position as it is trading below the previous highs during a consolidation phase. The coin had risen from $ 45,000 in early March when it began to rise.

Before the middle of the month, BTC managed to set a new all-time high of around $ 61,192. There it encountered resistance at a Fibonacci extension level at 1.618 and was unable to overcome the resistance it provided.

As a result, Bitcoin flipped in the second half of March and continued to fall until support was found at $ 50,220, provided by a Fibonacci retracement level at 0.618. The 50-day EMA level has further added to this level of support.

It rebounded from the support at $ 50,220 in the last week of March when it started rising again. In early April, Bitcoin had hit the $ 60,000 level again, but was unable to overcome resistance at that level.

From there, a range between $ 60,000 and $ 57,000 was set. That range was penetrated yesterday as BTC fell below the 20-day EMA level to hit the USD 56,000 support. It has since bounced back as it now struggles to get back above the $ 57,000 level.

BTC price short term prediction: Bullish

Bitcoin is still bullish in the short term, but risks becoming neutral. A break below $ 53,000 (50-day EMA) would likely make the market neutral in the short term. It would have to fall below the USD 46,000 (100-day EMA) support to be in danger of going bearish in the short term.

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

Where is the resistance to the top?

On the flip side, the first level of resistance is 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 is at $ 62,592 (1.272 Fib extension – blue), $ 64,000 (1.414 Fib extension) and $ 65,000. Additional resistance is at $ 66,120, $ 68,000, $ 68,745, and $ 70,000.

Ethereum price analysis

What’s happening?

The situation is pretty similar for Etheruem. The cryptocurrency found support at $ 1,550 in late March and continued to recover from there. In the early days of April, Ethereum managed to gain a surge to create a new ATH.

The coin continued to climb slowly this week, setting a new ATH price of $ 2,151. From there it fell lower yesterday as it fell to $ 1,920. It has since recovered from that support and is now trading above $ 2,000.

ETH price short term forecast: Bullish

Ethereum is considered bullish in the short term. The coin would have to fall below USD 1,773 (50-day EMA & .618 Fib Retracement) to return to neutral. It would have to fall further below the USD 1,548 (0.618 Fib & 100-day EMA) support to be in danger of going bearish in the short term.

If the sellers push back below $ 2,000, the first tier of strong support is at $ 1,917 (.382 Fib & 20-day EMA). This is followed by support at $ 1,845 (0.5 fib retracement), $ 1,800 and $ 1,773 (0.618 fib retracement and 50-day EMA).

If the bears continue to drive ETH below support at $ 1,700, the additional support is at $ 1,671 (.786 Fib Retracement), $ 1,600, and $ 1,548 (Long Term .618 Fib & 100-Day EMA).

Where is the resistance to the top?

On the flip side, the first strong resistance level is expected at USD 2,114 (1.272 Fib Extension Level). This is followed by resistance at the ATH price of $ 2,151. If buyers continue to ride above the ATH price, the resistance is at $ 2,205 (1.414 Fib Extension), $ 2,262.85 (1.414 Fib Extension – orange) and $ 2,300.

Further beyond $ 2,300, the resistance is 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

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