Bitcoin and Ethereum Face Key Challenges Ahead

Published on: Jun 10, 2024|2 min read

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London: 10 June 2024 (TraderMade): Both Bitcoin and Ethereum are currently navigating challenging waters. Bitcoin has found support at $68,500, while Ethereum is battling resistance at $3,740. Here's a closer look at their paths.

Key Takeaways

Bitcoin holds above $68,500 but faces resistance at $70,150.
Ethereum battles resistance around $3,740 and eyes a move above $3,840.

Bitcoin's Recent Performance

Bitcoin has faced downward pressure, recently dipping below $70,000. The price found crucial support at $68,500 and started to recover. Currently, Bitcoin is trading below $70,000 and the 100-hourly Simple Moving Average (SMA).

A significant trend line is forming at $69,500, indicating potential support. The major resistance Bitcoin needs to overcome is $70,150. Breaking this could propel the price towards $71,200 or even higher.

Bitcoin's Key Levels

Resistance: $70,150 and $70,550.
Support: $69,500 and $68,500.

If Bitcoin breaks above $70,150, it might see a rally. Otherwise, a decline towards $67,500 is possible.

Ethereum's Struggle to Rise

Ethereum, like Bitcoin, has been under pressure. It recently tested the $3,580 support zone and is now recovering. Currently, Ethereum is trading below $3,750 and the 100-hourly SMA.

A key bearish trend line is forming near $3,740. Ethereum needs to overcome this resistance to move higher. The major resistance levels are $3,740 and $3,800.

Ethereum's Key Levels

Resistance: $3,740 and $3,840.
Support: $3,660 and $3,580.

Ethereum needs to break above $3,740 to see a rally. Failure to do so might push the price down to $3,500 or lower.

Technical Indicators for Both Cryptocurrencies

MACD: Both Bitcoin and Ethereum's MACD indicators are in the bearish zone but showing signs of recovery.
RSI: The Relative Strength Index for both is slightly above 50, indicating potential bullish momentum.

Conclusion

Both Bitcoin and Ethereum are at crucial junctures. Their ability to break above key resistance levels will determine their short-term future. Traders and investors are keenly watching for any signs of upward movement.