Price Analysis

Bitcoin(BTC) And Ethereum(ETH) Price Face Rejection At Crucial Levels: What Next?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 28, 2022

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Bitcoin (BTC) Price May Still Reach $24,000

After breaking through the descending parallel channel, the Bitcoin price spiked from the bottom close to $20,000. The updated interest rates let out by the FED recently induced notable bullish momentum that uplifted the price from the consolidation area of around $21,000. Presently the bulls appear to have exhausted after an 8% rally. 

Presently, the bears are trying hard to restrict the price but bulls appear to be poised to keep up the rally towards the north. 

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The BTC prices are currently within the lower bands of the rising parallel channel and are expected to consolidate for some more time. However, with an extreme bullish push, the price may initially break out beyond $23,600 and later attempt to hit $24,000. At these levels, one can expect another rejection here, if the bulls lose their strength. 

Ethereum (ETH) Price Could Hit $1800

Ethereum underwent a significant upswing that was much required to halt the descending trend. However, after a steep jump, the prices are heavily consolidating within a very narrow range. Therefore, a notable upswing could be pre-determined that may escalate the price towards the upper resistance at $1700.

ethusd

Once the asset reaches the resistance, it may have formed a bullish double bottom pattern in the short term. Therefore, after multiple rejections at around $1700 it may have become pretty weak which may assist the price to break the neckline. However, the asset may be considered above the danger zone only if it breaks above $1843. Therefore, the upcoming week may be pretty crucial for the Ethereum(ETH) price rally. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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