Bitcoin price showcased extreme strength in the past couple of days as it successfully smashed the crucial resistance at $42,000. Despite multiple attempts in the past, the asset remained much below these levels. But despite the price range high above $45,000, no strong possibilities of maintaining the uptrend is seen with the price.
The BTC price is currently hovering around the crucial zone in between $46,109 and $41,201. These are the present strong resistance and the support levels to test accordingly. If in case the price slices through the resistance levels then the levels around $50,000 may be imminent. Or else if the selling volume accumulates, then the asset may eventually drop hard yet again beyond $41,000. And this time it may be extremely tough and time-consuming for the asset to recover back.
On the other hand, Ethereum price is well on track regardless of the current market trend. The ETH price no doubt had surged a little in the past couple of days following the BTC price rally, but it continued to follow its calculated steps to prevent a huge plunge. Currently, the asset is following a significant uptrend and not falling prey to any bears.
The Ethereum price is testing one of the crucial support levels around $3080 and also the lower support of the channel. The ETH price if rejected at these levels then woefully the asset may plunge back towards the lower support just below $3000. And if it fails to sustain at these levels then it may hit the lower support. A flip from this level may enable the asset to maintain within the pattern and continue to range high.
Collectively, the current pullback may be only a slight correction which may end very soon. But at the same time, the price rally also appears to have slowed down a bit. Therefore without any strength in the rally, Bitcoin(BTC) & Ethereum((ETH) prices may continue to consolidate within these ranges until either huge boosts kicks-off another leg up or an extreme-sell-off drags the price down.