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Home News Cryptocurrencies Bitcoin

Bitcoin And Ethereum Technical Analysis: BTC Prepares To Dive Below The $60K Level, And The ETH Eyeing $2.7K As A Potential Downside Target Following The Current Bearish Trend

by Md Ishtiaque Ahmed
August 4, 2024
in Bitcoin, Cryptocurrencies, Ethereum, Uncategorized
Bitcoin And Ethereum Technical Analysis

Our latest BTC and ETH technical analysis found that Bitcoin tests critical resistance at $60,880 while the ETH might pull back near $3,024(Source: MoneyTimes)

Key Findings: BTC Technical Analysis

  • Bitcoin tests critical resistance at $60,880 after breaking below the 50-EMA support ($63,928).
  • Despite the solid bearish momentum, the price can still pull back near the current resistance at $64,011.
  • If BTC decides to print a fresh lower low, the immediate support at $56,881 will be our next potential downside target.

Bitcoin Technical Analysis – BTC Daily Chart

BTC/USD might retest the immediate support at $56,881 following the ongoing bearish rally. Source: The Distributed

Bitcoin could go below the crucial $60k support level. A decline below this threshold might trigger a widespread sell-off in the derivatives industry.

The price has been declining on the daily chart ever since it formed a double-top structure below the $70K resistance level. The price is testing the support at $60K and has also fallen below the 50-EMA resistance.

Should it also lose its hold on the price, the market is likely to drop much more precipitously, possibly down to $56,881. The momentum suggests that the negative trend may continue, as the RSI is also displaying levels below 50%.

See Related: Bitcoin And Ethereum Price Prediction After The US SEC Intensified Its Clampdown On Crypto Staking

Key Findings: ETH Technical Analysis

  • Ethereum plotted a strong bearish rally after the price failed to sustain above the critical support at $3,296.
  • The daily chart shows no sign of a bullish reversal as the price breaks below the $3K mark.
  • ETH might pull back near $3,024 before heading back to upcoming supports near $2,815 and $2,700.

Ethereum Technical Analysis – ETH Daily Chart

ETH/USD breaks the critical support at $3,024 and might hit the $2,700 level this week. Source: The Distributed

Ethereum set a solid bearish trend setup after it plotted multiple bearish pin bars below the 50-EMA, creating a lower high that resulted in a downside rally from the resistance near $3,296.

Recently the price broke the critical support at $3,024 and dragged the price to a further downside target near $2,815.

The RSI at 31.94 signals the price stepped inside the oversold zone already but the market is still under a strong bearish trend. Therefore, sellers may wait for a potential pullback before adding more short positions in favor of the current downside momentum.

According to the current bearish momentum, ETH might retrace to the immediate resistance near the $3K level and rejoin the downtrend targeting the ultimate support at $2,700.

Tags: Digital AssetsPrice ChartsTrade Signals

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