- Bears failing to push the price below the support level of $25,811 attracted strong buying from bulls.
- Buyers pushing ETH above the resistance line indicated that the correction phase may have ended.
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News of a temporary debt ceiling agreement pushed Bitcoin’s price above $28,000, but higher levels continue to attract selling from bears.
Current Bitcoin Price Analysis
Bears failing to push the price below the support level of $25,811 attracted strong buying from bulls. Bulls pushed Bitcoin back to the symmetrical triangle formation on May 28, but higher levels are attracting selling.
Bears are trying to stop the recovery at the resistance line of the triangle. If bulls do not allow the price to fall below the 20-day EMA level ($27,255), it will increase the likelihood of a break above the resistance line. If this happens, the BTC/USDT pair may show a tendency to rise to $30,000 and then $31,000.
BTC/USDT Daily Price Chart
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The first support to watch for while moving downwards is the 20-day EMA level. If this level is surpassed, it will indicate that bears are selling rallies. BTC may then fall to the critical support zone between $25,811 and $25,250.
Current Ethereum Price Analysis
Buyers pushing ETH above the resistance line indicated that the correction phase may have ended. RSI jumped into the positive zone and the 20-day EMA ($1,841) started to turn up, indicating that bulls have the upper hand. If bulls turn the resistance line into support, the ETH/USDT pair may rise to $2,000 and then $2,141. The target price of the bullish formation is $2,259.
ETH/USDT Daily Price Chart
Contrarily, if the price sharply drops and falls below the 20-day EMA, it will indicate that the breakout may be a bull trap. Ethereum may then fall to the support line.
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