- A bullish impulse for Ethereum looks to be building steam.
- For the bullish thesis to be proven, Bitcoin has to hold $39,400 as a level of support.
Support levels for Bitcoin and Ethereum have been achieved, allowing for possible recovery shortly. There seems to be sustained pressure on the long-term trend, though.
Bitcoin and Ethereum are expected to rise shortly, but traders’ optimism might pose a problem. Over the previous 48 hours, Bitcoin has dropped more than 4,000 points in market value. The current decline was triggered by the $43,000 resistance level’s failure on April 21. Bitcoin looks to be prepared to break out of the support level. The upbeat view might be bolstered by a rise in demand to $40,650 or possibly $41,200 if the present price levels are exceeded.
Further Decline if Support levels Breached
For the bullish thesis to be proven, Bitcoin has to hold $39,400 as a level of support. Following demand zones of $38,500 and $37,300, a harsher decline is possible if the support level is breached.
A bullish impulse for Ethereum looks to be building steam following a retracement of almost 8% in the last 48 hours. While trading over $2,950, it has a reasonable probability of rebounding. Ethereum’s four-hour chart shows a buy signal from the TD Sequential indicator, crediting the bullish view. Major altcoins are all down, following suit of Bitcoin and Ethereum, thus providing a good opportunity for investors to buy the dip, believes popular crypto analyst Crypto Rover.
#Altcoins are 80%-90% down from All-Time Highs.
— Crypto Rover (@rovercrc) April 23, 2022
Buying now isn't too bad. Buy once everyone is in fear, sell the greed. You can make easy 5/10x with many #altcoins in the coming 6 months! 🔥
Ethereum’s market value might rise by more than 150 points if more people place purchase orders at present prices. If the asset closes decisively over $3,100, more gains might be possible, while a loss of $2,950 as support could see the asset fall below $2,880. According to CMC, Bitcoin is trading at $39,920 and Ethereum at $2,968.
