Bitcoin and Ethereum Price Update: Consolidation Continues, BTC and ETH Correction Ending - COINTURK NEWS
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Bitcoin and Ethereum Price Update: Consolidation Continues, BTC and ETH Correction Ending

12:24 pm (24 days ago)
August 28, 2023

The leading cryptocurrency Bitcoin (BTC) has transitioned from a sharp correction to consolidation and continues to trade sideways. The BTC price has experienced a 0.4% decrease in the last 24 hours and has maintained its level for days.

Current BTC and ETH Price

The second-largest cryptocurrency by total market capitalization, Ethereum (ETH), follows the sideways movement of BTC. ETH has also experienced only a 0.4% decrease in the last 24 hours.

Ethereum is trading at $1,641 and is among the biggest losers in the past 7 days. However, looking at the price chart of ETH, the situation does not seem promising. The current chart indicates a significant downturn below $1,640. The next support level is at $1,580, followed by $1,500. The most likely short-term support seems to be around $1,440.

The hourly MACD is losing its influence in the bullish zone. Looking at the hourly RSI, it has dropped below the 50 level, indicating bearish signals. The significant support level is at $1,620, while the most important resistance is seen at $1,750.

Meanwhile, for the leading cryptocurrency Bitcoin, fundamentals seem to be more important than technicals. Renowned crypto analyst Ali Charts stated that staying below $29,500 each day would result in significant declines.

BTC Price May Become Volatile

The analyst mentioned that he expects BTC to drop to $24,000. Especially if Grayscale’s ETF receives a negative response from the SEC or if it is blocked, we can witness the price being affected by this.

The leading cryptocurrency has been stuck at the $26,000 level for a while, and despite the lack of volume, we can expect a breakout soon. This breakout for BTC is known to either reach the $29,000 resistance or the $24,000 support level.

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