- Analyst says Bitcoin needs to reclaim its $37,500 level.
- Ethereum also holds its $2,300 as support to avoid the bull-market-ending price movement.
- As of writing, BTC price is $35,795.69.
According to crypto analysts from Decentrader, the flagship currency Bitcoin has to swiftly reclaim its current $37,500 resistance level.
Also, the analyst further said that at this crucial BTC moment, Ethereum has to maintain its $2,300 as support to stop the bull-market-ending price movement.
Of note, Bitcoin price continues to decrease as the US traders hit BBQ to celebrate their coming Memorial Day Holiday on May 31. As a result, the controlled Chicago Mercantile Exchange (CME) will be closed during the weekend.
Moreover, based on TradingView data, Bitcoin price eventually surged to $37,000 in the early morning on May 29. Despite BTC’s attempt to go up to $37K, its price dropped again to $34,000 at that time.
Like Bitcoin, Ethereum’s (ETH) price movement was also the same. ETH strived to push itself above the $2,500 price mark but it encounters a strong resistance and strikes down to the $2,300 level.
Citing analysis from Filbfilb, Decentrader’s Co-Founder, BTC’s price motion nowadays is the primary source of crypto market chaos. In addition, the analyst further said that it stays from the 20 Week Moving Average (WMA).
Furthermore, the analyst stressed that if Bitcoin gets support in the low $30,000s, the current 20 WMA will push it towards a major resistance zone. This will help push the BTC price higher.
Filbfilb further said,
A drop lower would likely make the low $20,000s or the 78.6% retracement a likely target. As such, price action over the next week is particularly important.
The analyst thinks that Ethereum will surpass Bitcoin if its price continues to fall.