Bitcoin (BTC) and Ethereum (ETH) Price Analysis 23-05-23
The bears have held the price above the 20-day exponential moving average ($27,414), but they have failed to push the price down to the critical support level of $25,250. This behavior is consistent with bulls attempting to purchase on price weakness.
The bulls will keep trying to get the price back into the symmetrical triangle formation as long as it remains above the $26,361 support level in the short term. To do so would indicate that the markets have already rejected the lower levels.
That may make a rally to the resistance line more likely. The bulls may have renewed difficulty breaking through this level.
If the price drops and sustains a move below $26,361, however, it would indicate that supply outstrips demand. If that happens, the BTC/USDT exchange rate might fall below the $25,000 support zone.
In recent days, Ether’s price has been around the 20-day exponential moving average ($1,833). Bulls had maintained pressure despite the bears’ effective defence of the level. The likelihood of a price moving over the 20-day EMA rises as a result of this.
The ETH/USDT currency pair may reach the falling wedge pattern’s resistance line in such case. If bulls are able to push beyond this level, the pair might begin an uptrend towards $2,000 and perhaps $2,141.
The opposite is true if the price trend goes down and breaks below $1,771. The bulls need to hold here since a loss of support may send prices down below $1,600.