Bitcoin and Ethereum: Bitcoin falls to the $26172 level

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2022/09/shutterstock_1193685283.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin and ethereum" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin falls to the $26172 level</b></h1>
<ul>
<li aria-level="1"><span>The price of Bitcoin has made a big drop since Wednesday from $29200 to $26172 this morning.</span></li>
<li aria-level="1"><span>The price of Ethereum fell by about $300 yesterday, from $1840 to $1542 late last night. </span></li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p><span>The price of Bitcoin has made a big drop since Wednesday from $29200 to $26172 this morning. The price is still in shock with a weak recovery to $26,600, where we are meeting resistance for now. We need a break above that level and hold above it if we want to see a recovery in the price of Bitcoin. After that, we could expect to return to the $27,000 level. Potential higher targets are $27200 and $27400 levels.</span></p>
<p><span>For a bearish option, we need a continuation of the negative consolidation and a price drop to the $26,000 level. Thus, we would form a new low and thus confirm the bearish scenario. Potential lower targets are $25800 and $25600 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-219707" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/Bitcoin-chart-analysis-2-1024×619.jpg" alt="Bitcoin chart analysis" width="1024" height="619" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p><span>The price of Ethereum fell by about $300 yesterday, from $1840 to $1542 late last night. After a calm consolidation during July and the first part of August, yesterday, we saw a breakout below the support zone and the formation of a new five-month low at the $1542 level. The last time we were there was in March.</span></p>
<p><span>We stayed down there for a short time, and the price retreated to the $1699 level. Next, we see maintenance in the $1660-$1690 range. We need a break above the $1700 level for a bullish option and to hold on there. Potential higher targets are $1720 and $1740 levels.</span></p>
<p><span>We need a negative consolidation and a price pullback below the $1660 level for a <a href="https://www.financebrokerage.com/impact-of-bearish-chinese-economic-data-on-global-oil-prices/">bearish</a> option. We would once again be in a situation to see another pullback and post the previous support levels. Potential lower targets are $1600 and $1550 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-219709" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/ethereum-1024×619.jpg" alt="Ethereum chart analysis" width="1024" height="619" /></p>
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