How did Bitcoin and Ethereum start the new week?
Bitcoin and Ethereum have started the new week with some movement. Here are all the details.
Bitcoin, which did not show a serious movement after the expected non-farm employment data on Friday, maintains its stable course for a while. Bitcoin, which found buyers at the $ 27,900 border on Saturday, started the new week in the $ 28,300 region, although it rose to $ 28,500 yesterday. Both the Ethereum Shanghai update and a series of macro data could affect the Bitcoin price this week. But right now, the outlook is that Bitcoin is more affected by the internal agenda of the cryptocurrency ecosystem. The banking crisis from the USA and the situation of this crisis and where it will evolve may affect the Bitcoin price more in the coming period.
Bitcoin and Ethereum analysis
In this respect, while the movement within the channel maintains its importance for Bitcoin in the short term, $ 28,300 appears as a support level. For Bitcoin, which is currently at this level, if this support is broken, the $26,700 level below is the next support level. Above, it is near the $29,350 resistance zone.
Three days ago, Ethereum broke the channel upwards by showing a rapid rise and ending its sideways activity. However, it could not hold on to the $1,900 levels, and it shows activity at $1,860 this morning.
However, breaking above the channel and forming a short-term uptrend is positive in terms of technical outlook. Volatility in Ethereum may increase upwards and downwards during the week as the Shanghai upgrade approaches. On a downward move, the upper band of the channel, $1,850, appears as a very important support level.
If Ethereum, which is currently priced at just $10 above this level, fails to hold on to this level, a pullback can be seen to $1,826 and then to $1,770, the middle band of the channel. For a possible upside move, $1,885 could be met as the initial resistance level. If this level is broken, $1,918 can be tested, followed by the 7-month high of $1,942.
