Wednesday, September 29, 2021
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Bitcoin and Ethereum Struggle To Recover Losses

The price of Bitcoin consolidates losses above the USD 34,000 support rate and Ethereum fails to recover beyond USD 1,350

After breaking the USD 35,500 support, the Bitcoin price decreased. Before the bulls appeared near USD 33,400, BTC had even dived below USD 34,000. It is currently consolidating losses above USD 34,000 and facing numerous hurdles near USD 35,500. Likewise, the majority of major altcoins are still in the Bearish zone. ETH/USD is down 6% and it is trading just below the support level of USD 1,350.

Bitcoin price found support near USD 33,400 after a strong decline. An upside correction above USD 34,000 and USD 34,500 was initiated by BTC. The price, however, faces many obstacles in the region of USD 35,000 and USD 35,500. The price must settle above USD 35,000 to begin a steady increase, with a follow-up move above USD 35,500.

If not, the risk of more downsides below USD 33,000 is observable. The first key support is near the USD 33,400 zone, below which USD 30,000 could be tested by bears.

The price of Ethereum found support around USD 1,250 and began a quick rebound. ETH crossed USD 1,300 and spiked even above USD 1,350, but there was no support above USD 1,350. The price is down 5% and it is now consolidating at the level of USD 1,200.

Instant support is similar to the USD 1,280 mark. The key support is now forming near the level of USD 1,250, below which the price could fall sharply. On the upside, for a fresh rise, the USD 1,350 zone is a crucial breakout area.

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