Bitcoin and Ethereum Still in Danger

 


Bitcoin price consolidates losses below $57,000.

Ethereum faces resistance above $4,200, and Ripple has managed to hold above $1.00.

Total market value

Source: tradingview.com

Bitcoin Price

After a clear break below $58,500, the bitcoin price has continued its slide. Bitcoin traded below the $57,500 support level and moved further into a bearish zone. On the downside, the first support is at $56,800. The next important support is at $55,500, and below that there is a risk of a sharp decline.


On the upside, $58,500 is a major obstacle for the bulls. A close above $58,500 could push the price towards the resistance area at $60,000.


Ethereum Price

Ethereum price fell below the $4,250 support level and even tested $4,120. It is now consolidating its losses, with initial support at $4,150. The next important support is at $4,120 and below that the price could test $4,050.

On the upside, the price is facing resistance at $4,250. The next important resistance is at the $4,350 level, above which the price could start a steady recovery.

In short, the bitcoin price is stable above $55,000 and $55,000. However, Bitcoin needs to cross $58,500 and $60,000 to start a new rally in the short term.

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