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Bitcoin and Ethereum are Risking a Second Price Dip

Bitcoin price, the 30-day moving average is a strong resistance level

Bitcoin went up to overcome the resistance level of the 30-day moving average (MA) and hit a high of around $11180 on Sept 19 since its plunge earlier this month. As analyzed previously, the 30-day moving average (MA) has become a very strong resistance level for both Bitcoin and Ethereum. Over the last two days of trading, the bitcoin price has now dropped to around $10,700.

Source: TradingView

Ethereum price, the 30-day MA is a much stronger resistance level than that of Bitcoin

The 30-day moving average resistance level of Ethereum is much stronger than that of Bitcoin. On Sept 19, Bitcoin price action of the whole day stood above 30-day MA. But for Ethereum, after a few rejections trying to move above the 30-day MA it ultimately failed, plunging for two days and now the Ether price sits below the resistance level. It appears that he 30-day MA resistance level becomes an even stronger deterrent for Ethereum than previously anticipated. The support level of 90-day MA is around $333. So technically we can expect the next dip very soon.