Futures analysis: Bitcoin and Ethereum rebound after 20% correction

Last week, the leading cryptocurrencies set new local lows. The move came after news that the US Federal Reserve raised the target range for the federal funds rate.

On 22 September, Bitcoin traded down to $18,125 and Ethereum to $1,220. However, in the last 24 hours, the Bitcoin price has again rebounded to above $20,000, and Ethereum has approached the $1,400 level.

Will the market rebound continue in the current environment? We analyse the price levels of Bitcoin and Ethereum on the crypto exchange Bybit.

BTCUSD

After hitting a September minimum at $18,125, the BTCUSD price showed a gradual recovery. Bulls managed to seize the initiative and the quotes returned to the $20,000 level.

As of press time, Bitcoin is attempting to hold above $20,000. In the near term, expect a test of resistance in the $22,000 zone.

If bulls again fail to hold the psychological $20,000 level, the asset could fall below $18,000.

ETHUSD

After updating the minimum at $1,220, bulls managed to push ETHUSD toward the resistance at $1,400.

If BTCUSD continues higher, Ethereum is likely to hold above $1,400.

If Bitcoin cannot sustain above $20,000, Ethereum could fall back to the $1,000 support level.

Conclusions

Since the 20% correction from September 13, Bitcoin and Ethereum have shown signs of resuming an uptrend.

However, for sustained gains, robust demand is required at $20,000 for the digital gold and $1,400 for the second-largest cryptocurrency.

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