Bitcoin and Ethereum: Bitcoin pulls back below $40,000

<div><img width="1000" height="667" src="https://www.financebrokerage.com/wp-content/uploads/2022/03/shutterstock_1905996475.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin and Ethereum continue their bullish recovery" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin pulls back below $40,000</b></h1>
<ul>
<li aria-level="1">Yesterday afternoon, we saw a strong bearish impulse and a fall in the price of Bitcoin to the $39437 level.</li>
<li aria-level="1">Ethereum’s price drop continued last night with a retreat to the $2299 level.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>Yesterday afternoon, we saw a strong bearish impulse and a fall in the price of Bitcoin to the $39437 level. We have seen a breakout below Friday’s low and the formation of a new one. Today, Bitcoin tried to start a recovery, but we are stopping at the $40000 level and heading again towards the $39500 level. The pressure is now on the support zone, and a new breakout below and the formation of a new price low could easily occur.</p>
<p>Potential lower targets are $39250 and $39000 levels. We need a positive <a href="https://www.financebrokerage.com/usdchf-is-in-consolidation-and-usdjpy-is-above-146-50/">consolidation</a> and a price retracement above the $40,000 level for a bullish option. If we could manage to move above, we would have a good position and continue with further recovery. Potential higher targets are $40500 and $41000 levels. The EMA200 moving average is in the zone around the $41500 level.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-255047 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/pgT2MauE-1024×598.jpg" alt="Bitcoin chart analysis" width="1024" height="598" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>Ethereum’s price drop continued last night with a retreat to the $2299 level. This morning, we saw a bullish attempt and recovery to the $2350. There, we encounter resistance, and the price begins a new retreat below the $2300 level. There is new pressure on the support zone, and the break below is the next expected price movement. Potential lower targets are $2275 and $2250 levels.</p>
<p>We need a positive consolidation and a return above the $2350 level for a bullish option. Then, the price would have to hold up there and initiate a new impulse for a potential recovery to the bullish side. The EMA200 moving average is high in the zone, around $2450, and we could get close to it. Potential higher targets are $2375 and $2400 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-255048 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/QhERRrUh-1024×598.jpg" alt="Ethereum Chart Analysis" width="1024" height="598" /></p>
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