Bitcoin (BTC) and Ethereum (ETH) Prices Nears Key Support Level Amid Correction
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- A bullish impulse for Ethereum looks to be building steam.
- For the bullish thesis to be proven, Bitcoin has to hold $39,400 as a level of support.
Support levels for Bitcoin and Ethereum have been achieved, allowing for possible recovery shortly. There seems to be sustained pressure on the long-term trend, though.
Bitcoin and Ethereum are expected to rise shortly, but traders’ optimism might pose a problem. Over the previous 48 hours, Bitcoin has dropped more than 4,000 points in market value. The current decline was triggered by the $43,000 resistance level’s failure on April 21. Bitcoin looks to be prepared to break out of the support level. The upbeat view might be bolstered by a rise in demand to $40,650 or possibly $41,200 if the present price levels are exceeded.
Further Decline if Support levels Breached
For the bullish thesis to be proven, Bitcoin has to hold $39,400 as a level of support. Following demand zones of $38,500 and $37,300, a harsher decline is possible if the support level is breached.
A bullish impulse for Ethereum looks to be building steam following a retracement of almost 8% in the last 48 hours. While trading over $2,950, it has a reasonable probability of rebounding. Ethereum’s four-hour chart shows a buy signal from the TD Sequential indicator, crediting the bullish view. Major altcoins are all down, following suit of Bitcoin and Ethereum, thus providing a good opportunity for investors to buy the dip, believes popular crypto analyst Crypto Rover.
Ethereum’s market value might rise by more than 150 points if more people place purchase orders at present prices. If the asset closes decisively over $3,100, more gains might be possible, while a loss of $2,950 as support could see the asset fall below $2,880. According to CMC, Bitcoin is trading at $39,920 and Ethereum at $2,968.
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