Bitcoin price started a recovery wave above $70,000. BTC is now consolidating above $70,200 and might aim for a steady increase if it clears $71,650.

• Bitcoin started a decent recovery wave above $69,800 and $70,200.
• The price is trading above $70,200 and the 100 hourly simple moving average.
• There is a bullish trend line forming with support at $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another decline if it stays below the $71,000 and $71,650 levels.

Bitcoin Price Faces Hurdles

Bitcoin price started a recovery wave above the $69,5500 resistance level. BTC climbed above the $70,200 and $70,500 resistance levels.

The price even spiked above the 50% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. The price even climbed toward the $72,000 zone before the bears took a stand and protected more gains.

Bitcoin is now trading above $70,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $70,400 on the hourly chart of the BTC/USD pair.

If the price remains stable above $70,200, it could attempt a fresh increase. Immediate resistance is near the $71,200 level. The first key resistance is near the $71,650 level. A close above the $71,650 resistance might send the price further higher.

In the stated case, the price could rise and test the $72,650 resistance or the 61.8% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. Any more gains might send the price toward the $73,200 level. The next barrier for the bulls could be $73,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,400 level. The first major support is near the $70,000 level.

The next support is now near the $69,200 zone. Any more losses might send the price toward the $68,800 support in the near term. The main support now sits at $67,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $70,000, followed by $69,200.

Major Resistance Levels – $71,200 and $71,650.

Ethereum price failed to stay above $2,800 and tested $2,620. ETH is now attempting to recover but faces resistance near $2,890.

• Ethereum started a fresh decline after it failed to stay above $2,800.
• The price is trading near $2,840 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2,960 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it settles below the $2,720 zone.

Ethereum Price Attempts Recovery

Ethereum price failed to continue higher above $3,000 and started a fresh decline, like Bitcoin. ETH price dipped below $2,880 and entered a bearish zone.

The decline gathered pace below $2,800 and the price dipped below $2,700. A low was formed at $2,621 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,058 swing high to the $2,621 low.

Ethereum price is now trading near $2,840 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $2,890 level and the 61.8% Fib retracement level of the recent decline from the $3,058 swing high to the $2,621 low.

The next key resistance is near the $2,920 level. The first major resistance is near the $2,950 level. There is also a key bearish trend line forming with resistance at $2,960 on the hourly chart of ETH/USD. A clear move above the $2,960 resistance might send the price toward the $3,020 resistance. An upside break above the $3,020 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,120 resistance zone or even $3,250 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,890 resistance, it could start a fresh decline. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone.

A clear move below the $2,720 support might push the price toward the $2,650 support. Any more losses might send the price toward the $2,620 region in the near term. The next key support sits at $2,550 and $2,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,720

Major Resistance Level – $2,890

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Ethereum price started a recovery wave from the $4,050 zone. ETH is now back above $4,220 but it faces many hurdles near $4,400.

• Ethereum started a recovery wave above the $4,150 and $4,220 levels.
• The price is trading below $4,350 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it settles below the $4,220 zone in the near term.

Ethereum Price Faces Resistance

Ethereum price extended losses after there was a close below the $4,250 level, like Bitcoin. ETH price gained bearish momentum and traded below the $4,150 support zone.

The bears were able to push the price below the $4,120 support zone. Finally, the price tested the $4,065 zone. A low was formed at $4,065 and the price recently started a recovery wave above the 23.6% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low.

However, the bears are active near the $4,350 zone and the 61.8% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low. There is also a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD.

Ethereum price is now trading below $4,355 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,350 level. The next key resistance is near the $4,380 level.

The first major resistance is near the $4,460 level. A clear move above the $4,460 resistance might send the price toward the $4,500 resistance. An upside break above the $4,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,550 resistance zone or even $4,565 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $4,380 resistance, it could continue to move down. Initial support on the downside is near the $4,240 level. The first major support sits near the $4,200 zone.

A clear move below the $4,200 support might push the price toward the $4,120 support. Any more losses might send the price toward the $4,050 support level in the near term. The next key support sits at $4,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $4,220

Major Resistance Level – $4,380