- On Saturday, the price of Bitcoin was under bearish pressure to start a deeper pullback.
- On Saturday, the price of Ethereum was retreating to the $2725 level.
Bitcoin chart analysis
Bitcoin encountered bearish pressure on Saturday, signaling the potential for a more significant pullback. The downward momentum led Bitcoin to the $50,647 level, establishing a new price low. However, the descent halted at this point, initiating a bullish consolidation that propelled the price back above the $52,000 mark. Presently, the movement remains stable within the range of $52,000 to $52,500.
Anticipations for the upcoming week lean towards the continuation of the bullish trend, with Bitcoin poised to ascend to higher levels. Potential targets for an upward trajectory include the $52,750 and $53,000 levels. A bearish scenario necessitates a price retracement below the $52,000 level. The next crucial support level to watch would be $51,750. A breach below this level could disrupt the preceding bullish formation and intensify bearish momentum. Potential lower targets in such a scenario might be identified at the $51,500 and $51,250 levels.
Ethereum chart analysis
Over the weekend, Ethereum observed a retreat to the $2,725 level. Finding support in this range, the price initiated a bullish consolidation, subsequently reaching $2,930 today. In the initial hours of the day, a brief consolidation around $2,900 transpired, culminating in a successful breakout and the establishment of a new high.
As of now, the price remains elevated at $2,915, poised for a potential retest of the previous high. Prospective higher targets to monitor include the $2,950 and $2,975 levels. To entertain a bearish scenario, a retracement below the $2,900 level is essential, accompanied by the formation of a new low within the $2,850 zone.
Such a move would distance the price from the preceding high, elevating the pressure on Ethereum to initiate a pullback. Potential lower targets in this context might be identified at the $2,825 and $2,800 levels.
