The post Bitcoin & Ethereum Price At This Level Confirms A Recovery Phase! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

A gloomy week! Since the start of this week, the bears have had their control across the crypto market. This majorly impacted Bitcoin and Ethereum as Bitcoin lost its $22,000 mark and Ethereum’s $1,700 level.

However, now a popular crypto analyst and trader has put forth his analysis on bitcoin org

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and ethereum

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and says they need to hold on to a certain level to recover.

The analyst, who is anonymously known as rekt capital

 

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, informs his 327,000 fanbases over the Twitter platform that the second largest cryptocurrency by market cap, Ethereum, will close the weekly trade as low as $1,550.

Rekt Capital then claims that Ethereum is now attempting to retest $1,696 and if that happens ETH needs to hold on to that level to head towards $2250.

$ETH is now dipping in an effort to successfully retest this orange area as support

Hold orange as support & ETH will be able to move towards $2250 (black)

Downside wicking to ~$1550 would be fine as long as #ETH Weekly Closes inside this current orange area#Crypto #Ethereum https://t.co/mkyuZSLx1p pic.twitter.com/EmgOuqVOxg

— Rekt Capital (@rektcapital) August 19, 2022

At the time of writing, Ethereum is selling at $1,637 after a drop of 5.86% over the last 24hrs.

Bitcoin Price To Find Support Around $23k

Next, the strategist talks about the firstborn cryptocurrency, Bitcoin, and states that the asset failed to maintain its support around the 200-week moving average. This was due to an overall market correction.

Rekt then suggests that if Bitcoin confirms a breakdown from 200 WMA, then there are possibilities that there will be a rebound towards 200 WMA making it a new resistance. The 200 WMA is around $23,200

If #BTC indeed confirms a breakdown from the 200-week MA…

Then it is possible that a relief bounce into the 200-week MA to flip it into new resistance could take place

The 200-week MA represents the price point of ~$23200$BTC #Crypto #Bitcoin pic.twitter.com/mZ7jYP9f1L

— Rekt Capital (@rektcapital) August 19, 2022

At the moment, Bitcoin is trading below 200 WMA and changing hands at $21,215 with a plunge of 2.37% over the last 24hrs