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Forecasts of financial markets are the private opinion of their authors. The current analysis does not constitute a recommendation, trading guide or investment research. ForkLog and Bybit are not responsible for any results that may arise from the use of this material to make trading decisions.
Last week, the leading cryptocurrencies updated their local lows. The reason was the news about the increase of the key rate range by the US Federal Reserve System.
On September 22, Bitcoin quotes fell to $18,125, and Ethereum to $1,220. However, over the past 24 hours, the price of bitcoin has again returned to levels above $20,000, and Ethereum has approached the level of $1,400.
Will the market recovery continue in the current situation? We analyze the price levels of Bitcoin and Ethereum on the Bybit crypto exchange.
After updating the September low at $18,125, the price of BTCUSD showed a gradual recovery. The bulls managed to seize the initiative and the quotes returned to the level of $20,000.
Support and resistance levels on the BTCUSD Perpetual Contract (Bybit) daily chart. Data: Trading View.
At the time of publication, Bitcoin is trying to gain a foothold above $20,000. In the near future, we should expect a test of resistance in the $22,000 zone.
If the bulls fail to hold the $20,000 psychological level again, the asset could drop below $18,000.
After updating the low at $1220, the bulls were able to bring ETHUSD quotes closer to the $1400 resistance.
Support and resistance levels on the daily ETHUSD Perpetual Contract (Bybit) chart. Data: Trading View.
If BTCUSD continues to rise, we should expect Ethereum to consolidate and consolidate above $1400.
If the price of bitcoin fails to consolidate above $20,000, Ethereum may fall to support in the $1,000 zone.
After a 20% correction since September 13, Bitcoin and Ethereum are showing signs of a resumption of the uptrend.
However, for sustainable growth, strong buyers are needed at the $20,000 levels for digital gold and $1,400 for the second largest cryptocurrency by capitalization.
#Bitcoin #Ethereum #Rebound #Correction