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BTC and ETH Price Analysis for February 21

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Tue, 21/02/2023 - 15:50
BTC and ETH Price Analysis for February 21
Cover image via www.tradingview.com

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The correction has arrived on the cryptocurrency market as the rates of most of the coins are falling.

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Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has fallen by almost 1% over the last 24 hours.

BTC/USD chart by TradingView

Despite the fall, the price of Bitcoin (BTC) has not entered the bearish zone yet, as the rate is above the support at $24,211. From another point of view, buyers have lost the $25,000 mark, which means that sellers have locally seized the initiative. In this regard, a slight drop to the $24,400 area may happen soon.

Bitcoin is trading at $24,681 at press time.

ETH/USD

Ethereum (ETH) is more of a loser than Bitcoin (BTC), going down by 1.92%.

ETH/USD chart by TradingView

The current decline has not affected the overall technical picture of Ethereum (ETH) as the main altcoin keeps accumulating energy for a further sharp move. If buyers want to continue the rise, they need to get the price back above the $1,720 mark.

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Only in that case is there a chance to see the breakout of the resistance, followed by a blast to the $1,800 zone.

Ethereum is trading at $1,676 at press time.

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