Bitcoin and Ethereum: Bitcoin drops below $29600 once again

<div><img width="1200" height="801" src="https://www.financebrokerage.com/wp-content/uploads/2022/10/shutterstock_1101060608-1.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin and Ethereum: A Consolidation and Price Pullback" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin drops below $29600 once again</b></h1>
<ul>
<li aria-level="1">Another attempt to keep the Bitcoin price above the $30,000 level ended in failure.</li>
<li aria-level="1">Yesterday’s attempt to recover the price of Ethereum was stopped at the $1920 level.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>Another attempt to keep the Bitcoin price above the $30,000 level ended in failure. Only a new high was formed at $30,400, from which we saw the previous pullback to the $29,567 level. At that level, the fall in the price of bitcoin stopped, after which we recovered to the $29900 level. We encounter resistance there again and pull back to the $29750 level.</p>
<p>The pressure has again moved near the support zone, which could have a negative impact on the price of Bitcoin. Potential lower targets are $29600 and $29500 levels. We need a new positive <a href="https://www.financebrokerage.com/consolidation-in-stocks/">consolidation</a> and price return to the $30,000 level for a bullish option. Then we need to hold up there before continuing to the bullish side. Potential higher targets are $30200 and $30400 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-213295 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/rNecMAuz-1024×621.jpg" alt="Bitcoin chart analysis" width="1024" height="621" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>Yesterday’s attempt to recover the price of Ethereum was stopped at the $1920 level. A strong, bearish impulse followed from that place, and the price retreated to the $1875 level. Then, the price manages to stop that fall and recover to the $1900 level, where it encounters resistance again and starts a new pullback. This time, the price falls to the $1885 level, but very close to testing the support zone around the $1880 level soon.</p>
<p>We need a negative consolidation and a drop to the $1870 level for a bearish option. Thus, we would form a new low and confirm the bearish option. Potential lower targets are $1860 and $1850 levels. We need a positive consolidation and a return above the $1900 level for a bullish option. Additional resistance in that zone is the EMA50 moving average, and we need a break above it for further Ethereum price recovery. Potential higher targets are $1910 and $1920 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-213297 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/7Ijh5HaO-1024×621.jpg" alt="Ethereum chart analysis" width="1024" height="621" /></p>
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