Bitcoin and Ethereum Face Resistance: Market Trend Analysis

<div><img width="1200" height="801" src="https://www.financebrokerage.com/wp-content/uploads/2022/10/shutterstock_1101060608.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin and Ethereum" decoding="async" loading="lazy" /></div><h1><strong>Bitcoin and Ethereum Face Resistance: Market Trend Analysis</strong></h1>
<ul>
<li><span data-preserver-spaces="true">The price of <a href="https://www.financebrokerage.com/crypto-trading-tips-and-tricks-a-beginners-guide/">Bitcoin</a> recovered only to the $42,000 level yesterday.</span></li>
<li><span data-preserver-spaces="true">The price of Ethereum remains today very close to this week’s low. </span></li>
</ul>
<h2><strong><span data-preserver-spaces="true">Bitcoin chart analysis</span></strong></h2>
<p><span data-preserver-spaces="true">The price of Bitcoin recovered only to the $42,000 level yesterday. There, we encountered resistance, which led to a new price pullback to the $40,600 level. We remain under pressure as we fail to move above the $41500 level, and today, we are moving in the $40600-$41500 range. For a bullish option, we need a jump above the upper resistance line in order to start a recovery to the bullish side. Potential higher targets are $42000 and $42400 levels.</span></p>
<p><span data-preserver-spaces="true">An additional resistance and obstacle to the bullish option could be the EMA50 moving average in the zone around the $42000 level. We need a negative consolidation and a price drop below the $40400 level for a <a href="https://www.financebrokerage.com/safemoon-continues-bearish-while-litecoin-drops-below-70-00/">bearish </a>option. This would see the formation of a new low and confirmation of the bearish trend. Potential lower targets are the $40,000 and $39,600 levels.</span></p>
<h2><strong><span data-preserver-spaces="true"><img decoding="async" loading="lazy" class="alignnone wp-image-246870 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/Bitcoin-chart-analysis-1024×620.jpg" alt="Bitcoin chart analysis" width="1024" height="620" /></span></strong></h2>
<h2><strong><span data-preserver-spaces="true">Ethereum chart analysis</span></strong></h2>
<p><span data-preserver-spaces="true">The price of Ethereum remains today very close to this week’s low. A few hours ago, we tested the low again at the $2145 level. For now, we remain above that level, recovering slightly to the $2175 level. We need a continuation of the positive consolidation to get out of the bearish pressure. Potential higher targets are $2200 and $2220 levels.</span></p>
<p><span data-preserver-spaces="true">The EMA50 moving average in the zone around the $2240 level is another resistance and obstacle to further recovery. We need a negative consolidation and a price drop below the $2145 level for a bearish option. Thus, we would see the formation of a new low and the confirmation of a bearish trend. Potential lower targets are $2120 and $2100 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone wp-image-246871 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/Ethereum-chart-analysis-1024×620.jpg" alt="Ethereum chart analysis" width="1024" height="620" /></p>
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