Bitcoin (BTC) and Ethereum (ETH) prices have struggled to show strength, rallying higher in the past couple of days as the price of BTC continues to move in a range.
The market hasn’t looked decent over the days as it looks like the price could have a retracement to a region of support where traders and investors would be willing to place more buy orders.
BTC’s price has faced stiff resistance at $29,000 after rallying from a region of $23,000 in the past few weeks as there was much speculation of price rallying to a region of $32,000 but the price of BTC has struggled to break higher above $29,000.
The price of Ethereum and Bitcoin price facing retracement has affected the general market sentiment and the price of most altcoins as many traders and investors are paying close attention to levels that could serve as a good entry point for buy orders.
After forming a bearish divergence on the higher timeframe, there are high chances of the price of BTC retracing to a region of $25,000 which could still prove bullish for the long term, the price of BTC needs to hold above this region to prevent bears from taking over price below $25,000.
Ethereum price looks more strong, holding up very well compared to the price of BTC as the market looks uncertain in the past few days.
Ethereum Price Analysis
The price of ETH continues to hold above $1,700 after forming strong support above the region of $1,500 in the past weeks. If the price of ETH loses the region of $1,700 we could see the price dropping to a low of $1,500 where there are more buy orders.
After forming a bearish divergence on the daily chart, there are high chances of seeing ETH price drop to a region of $1,500 before further rallying to the upside.
Image from cointribune | Chart from tradingview