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disclaimer Forecasts of financial markets are the exclusive opinion of their authors. The current analysis is not a recommendation, trading guide or investment research. ForkLog and Bybit are
Forecasts of financial markets are the exclusive opinion of their authors. The current analysis is not a recommendation, trading guide or investment research. ForkLog and Bybit are not responsible for the consequences of using this material to make trading decisions.
After a failed test of $25,000 in the middle of last month, Bitcoin has dropped to $20,000. It has been in a tight trading range of $20,500 to $19,500 since August 27.
Ethereum found support at $1500. At press time, it’s trading at $1,600 pending a Bellatrix hard fork that will prepare the network for The Merge upgrade.
What to expect from the market this week? We analyze Bitcoin and Ethereum price levels on the Bybit crypto exchange.
At the end of August, Bitcoin held the $19,500 level, but the bulls failed to seize the initiative. The price of the cryptocurrency has again dropped below the psychological mark of $20,000.
For BTCUSD to grow, buyers need to break past the downtrend line and gain ground above the $20,000 level. In this case, Bitcoin will test the resistance at $21,800.
If the bears increase the pressure, the cryptocurrency could bounce back to local lows of around $18,000.
At the end of the week, ETHUSD found strong support at $1,500 and is currently trading around $1,600.
Amid the news about the Bellatrix hard fork, Ethereum price could test the $1,700 resistance, followed by consolidation.
Currently, Ethereum is showing a stronger positive trend in the upcoming fund of The Megre, while Bitcoin tries to hold the $20,000 level. The dominance index of the first cryptocurrency has dropped to lows of around 39%.
The Ethereum update could be the basis for the resumption of the uptrend. Still, the bears will try to take advantage of potential issues during The Megre to increase the pressure on the cryptocurrency market.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
