Bitcoin and Ethereum Test Resistance

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The price of Bitcoin is now at $40,000 resistance, an area where BTC has not been able to move above since it fell below it on May 19, . Resistance is also found at $42,000, $44,000 and $40,000 respectively. However, a break above $40,000 will be significant and could signal another rally in Bitcoin. BTC also tested support at the 200-day moving mean at $37.605, which is close to the lows of today at $37.465. This narrow band of support and resistance suggests that there is little movement in the asset, or that an abrupt break to one side is imminent.

Ethereum is trading at $2,706 per day and up by 8.95% ($222.43). This puts Ethereum up against BTC’s resistance. However, unlike Bitcoin, after that level there is no technical resistance until after $3,000. This summer, Ethereum saw a rise in percentages that was much higher than Bitcoin. It is likely that this trend will continue. Bitcoin lost less than 25% (0.24%) over the past seven days. Ethereum gained more than 18% in the same period.

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Ethereum closed higher than its 100-day moving average. Today, Ethereum has its 38% Fibonacci Retracement level at $2729, before moving on to $3,350. On a weekly candlestick chart, you will see that there have been gaps to the upside in the past two weeks and that the market closed at or close to the highs of the last three weeks. This indicates that the rally will not stall at the current resistance and that a break above would indicate that Ethereum is still on the rise.