The crypto space continues to hover in the same regions as the top 2 cryptos have drastically reduced their volatility. Bitcoin does not want to fall below $ 22,500. On the other hand, it cannot exceed $23,000. On the other hand, Ethereum price manages to hold its stance above $1,500 after being rejected from levels above $1,600. Here are the details…
Bitcoin price weakness?
According to Sahana Vibhute, a cryptocurrency analyst, the crypto space believes that the current stage could be a build-up of strength before a major rally. But assets are probably losing control over the uptrend. Bitcoin price seems calm at the moment. It maintains its strength to keep moving upwards. But according to experts, the bulls are close to extinction. The recently rejected asset at $24,200 is moving towards the downtrend, forming lower highs and lows continuously. There is a significant bearish trend in assets and indicators, indicating that a decline is imminent.
BTC price is still in the ascending channel despite its recent rejection. A strong recovery is predicted by many. However, the RSI is bearish as the price could drop out of the channel from now on. Immediate support is near $21,000, where luckily the bulls are expected to re-enter the game. Otherwise, the price could continue to decline, finding a strong basis for a rebound which could be near $20,000.
Ethereum (ETH) price could drop in a week
On the other hand, as mentioned earlier, ETH price respected lower support levels for all the times the market remained consolidated. However, assets exhibited a notable downward trend. Therefore, some gains are expected next week. Similar price action to Bitcoin is accompanied by the price of ETH as the star tends to follow crypto. Therefore, the RSI is falling sharply. However, the price is likely to drop below $1,300. Therefore, as the analyst predicts, a significant price drop can be expected next week. According to the expert, it may not affect long-term owners.
$ETH – Nice drop, divergence playing out nicely. Shorts in profit. Bottom of green is first target, lower arrow is only if we don't find support. pic.twitter.com/KmHap5ucDT
— IncomeSharks (@IncomeSharks) July 22, 2022
Sharing their comments on ETH, IncomeSharks also conveyed their expectations with graphics. He draws attention to the bear formation in the 4-hour chart he shared on his Twitter account. He predicts that a fix will come. He states that more can be seen for the upcoming big rally. He states that those who have Ethereum can expect volatility.
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