After a failed test of $25,000 in the middle of last month, Bitcoin has fallen to $20,000. Since August 27, it has traded in a narrow range from $20,500 to $19,500.
Ethereum found support at the $1,500 level. At the time of publication it was trading near $1,600 in anticipation of the Bellatrix hard fork, which will prepare the network for the update The Merge.
What to expect from the market this week? Analyzing Bitcoin and Ethereum price levels on the crypto exchange Bybit.
BTCUSD
At the end of August, Bitcoin held the $19,500 level, but the bulls could not seize the initiative. The price of the cryptocurrency again slipped below the psychological $20,000 level.
For BTCUSD to rise, buyers need to break through the downtrend line and hold above $20 000. In this case Bitcoin will test resistance at $21 800.
If the bears intensify pressure, the cryptocurrency could return to local lows around $18 000.
ETHUSD
Towards the end of the week ETHUSD found strong support at the $1,500 level and is currently trading around $1,600.
Against the news about the Bellatrix hard fork, Ethereum’s price could test resistance at $1,700 with subsequent consolidation.
Conclusions
At present Bitcoin is trying to hold the $20,000 level, while Ethereum shows stronger upside momentum in the run-up to The Megre. The Bitcoin dominance index has fallen to around 39%.
Ethereum’s update could lay the groundwork for resuming an uptrend. However, bears will seek to exploit potential problems during The Megre to intensify pressure on the crypto market.
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