Bitcoin & Ethereum Price Poised for Prominent Pullbacks This Weekend, Here are Levels to Watch
The crypto space continues to hover within the same regions as the top 2 cryptos have drastically reduced their volatility. Bitcoin is unable to surpass $23,000 while not willing to drop below $22,500. On the other hand, the Ethereum price after being rejected from levels above $1600, manages to maintain its stand above $1500.
While the crypto space may believe that the current phase could be an accumulation of strength before a massive leg up, the assets are probably losing out their grip over the bullish trend.
Bitcoin(BTC) Price Display Signs of Weakness
Bitcoin price currently appears to be calm and conserving strength to resume moving upwards, but being materialistic, the bulls are close to getting exhausted. The asset after the recent rejection from $24,200 is constantly forming lower highs and lows, inclining towards descending trend. A significant bearish divergence is seen with the asset and the indicators, that point out a drag could be fast approaching.
The BTC price despite the recent rejection still holds within the rising channel and a strong rebound is presumed by many. However, the RSI is displaying a bearish divergence due to which the price may break down from the channel anytime from now. The immediate support is luckily around $21,000 where the bulls are expected to re-enter the game.
$ETH – Nice drop, divergence playing out nicely. Shorts in profit. Bottom of green is first target, lower arrow is only if we don't find support. pic.twitter.com/KmHap5ucDT— IncomeSharks (@IncomeSharks) July 22, 2022
If not the price may continue tanking down finding a strong base for a rebound which may be around $20,000.
Ethereum (ETH) Price May Drop Within a Week
ETH price as mentioned before has respected the lower support levels during all times when the market remained consolidated. However, the assets have displayed a notable bearish divergence and are hence expected to shed off some gains in the upcoming week.
Similar price action as Bitcoin is withnessed with ETH price as it tends to follow the star crypto. Therefore, as the RSI is slashing hard, the possibility of price draining below $1300 surfaces. Hence, as analyst predicts, a notable price drain may be expected in the upcoming week. It may not impact the long-time holders but swing traders may feel the drain.