Bitcoin and Ethereum Price Recovery – Back to the Game
- Bitcoin continues to move in a sideways consolidation from May 13 in the range of $ 29,000-31,500.
- The price of Ethereum continues to recover after falling to $ 1,697 last week.
- As the crypto market is facing a crisis, many have turned to offering their solutions to avoid such situations in the future.
Bitcoin chart analysis
Bitcoin continues to move in a sideways consolidation from May 13 in the range of $ 29,000-31,500. Yesterday, the price confirmed the support zone at 29,000 dollars, after which the current bullish consolidation began. The price of bitcoin is now at $ 30,500, and it has support in all moving averages because we have already moved above the MA200 moving average. Our first target is a $ 31,500 resistance zone. If we see a break above, then we are thinking of potential next bullish targets. The next zone we should pay attention to is 32000-32700 dollars. With the continuation of bullish consolidation, our next targets are $ 33,700, $ 35,000, $ 36,000 and so on. For the bearish option, we need a pull below moving averages. After that, we first test the $ 30,000 level, and if it doesn’t hold up, we go down to the $ 29,000 level. A drop below $ 28,000 would increase bearish pressure, and we may see a drop below $ 25,000 again.
Ethereum chart analysis
The price of Ethereum continues to recover after falling to $ 1,697 last week. Since then, the price has been moving in sideway consolidation in the range of 1950-2150 dollars. We will soon be approaching the MA200 moving average and a possible break above to continue the bullish recovery. If the price manages to consolidate at $ 2,200, then we could expect to see a recovery to the next resistance zone of $ 2,400-2450. We need to pullback below the $ 1950 price for the bearish option and stay on that level. Our following bearish targets are $ 1860, $ 1800 and $ 1697 this year’s minimum.
Market overview
As the crypto market is facing a crisis, many have turned to offering their solutions to avoid such situations in the future. The United States Security and Exchange Commission suggested in a recent interview that the market should consider regulatory measures if they intend to keep its confidence intact.
The recent fiasco of TerraUSD has left the market shaken because even the crypto king is currently surfing in the red zone. Stablecoin, which an algorithm should protect, fell into the depths, pushing the Luna towards $ 0.
Gary Gensler of the United States Securities and Exchange Commission said cryptocurrencies are very speculative after this market crash. Insufficient measures have been taken to protect investors from instability or manipulation.
He added that buying cryptocurrencies does not come with full disclosure as regulated markets do. Buyers may not know if they own the property or the platform is just trading against them. Gessler discussed these aspects during the annual conference of the Financial Industry Regulatory Authority held in Washington.
The interview also noted that several platforms and publishers manage the crypto market, despite claims that it is decentralized. According to Gesler, these platforms can work with the SEC to formulate rules and disclose data to improve the industry’s current perspective.
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