Bitcoin and Ethereum: Bitcoin under pressure falls to $40600

<div><img width="1200" height="771" src="https://www.financebrokerage.com/wp-content/uploads/2022/09/Bitcoin.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin under pressure falls to $40600</b></h1>
<ul>
<li aria-level="1">Bitcoin price failed to stay in the previous consolidation, and yesterday, we saw a breakout below and a drop to the $40600 level.</li>
<li aria-level="1">This week, we are seeing a pullback in the price of Ethereum and a drop below the EMA200 moving average.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>Bitcoin price failed to stay in the previous consolidation, and yesterday, we saw a breakout below and a drop to the $40600 level. We stopped there and started to recover from that level. The price first returned above $41,000, and today’s high so far is $41,500. We are in a mild bullish consolidation and expect to see further <a href="https://www.financebrokerage.com/smart-tech-the-road-to-recovery-for-tech-stocks-in-2023/">recovery</a> above the $41600 level. Potential higher targets are $42,000 and $42,400 levels.</p>
<p>The EMA200 moving average is higher in the zone around the $42800 level. We need a negative consolidation and price pullback below the $41000 level for a bearish option. That way, we would return to the previous low and have a better chance to test it again. Potential lower targets are $40400 and $40000 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-254416 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/Zf1j9OqE-1024×598.jpg" alt="Bitcoin chart analysis" width="1024" height="598" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>This week, we are seeing a pullback in the price of Ethereum and a drop below the EMA200 moving average. Yesterday, we saw the formation of this week’s low at the $2424 level. The fall stopped there, and we started the recovery from that level. Today, we continue in the same rhythm and grow to $2482. Expectations are that we should see a continuation of the recovery above the $2500 level.</p>
<p>In that zone, additional pressure is exerted by the EMA200, and we would have to skip it if we want further growth in the price of Ethereum. Potential higher targets are $2520 and $2540 levels. We need a negative consolidation and a price drop to support a bearish option at the $2425 level. New pressure could break support and form a new low. Potential lower targets are $2400 and $2360 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-254417 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/ujTPFq5p-1024×598.jpg" alt="Ethereum chart analysis" width="1024" height="598" /></p>
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