Bitcoin and Ethereum: Bitcoin falls to the $26172 level

Bitcoin chart analysis

The price of Bitcoin has made a big drop since Wednesday from $29200 to $26172 this morning. The price is still in shock with a weak recovery to $26,600, where we are meeting resistance for now. We need a break above that level and hold above it if we want to see a recovery in the price of Bitcoin. After that, we could expect to return to the $27,000 level. Potential higher targets are $27200 and $27400 levels.

For a bearish option, we need a continuation of the negative consolidation and a price drop to the $26,000 level. Thus, we would form a new low and thus confirm the bearish scenario. Potential lower targets are $25800 and $25600 levels.

Ethereum chart analysis

The price of Ethereum fell by about $300 yesterday, from $1840 to $1542 late last night. After a calm consolidation during July and the first part of August, yesterday, we saw a breakout below the support zone and the formation of a new five-month low at the $1542 level. The last time we were there was in March.

We stayed down there for a short time, and the price retreated to the $1699 level. Next, we see maintenance in the $1660-$1690 range. We need a break above the $1700 level for a bullish option and to hold on there. Potential higher targets are $1720 and $1740 levels.

We need a negative consolidation and a price pullback below the $1660 level for a bearish option. We would once again be in a situation to see another pullback and post the previous support levels. Potential lower targets are $1600 and $1550 levels.

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