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Bitcoin continues to trade below the $26,000 mark, showing no clear direction. Here's a market review of Bitcoin (BTC) and Ethereum (ETH) for Monday, September 4.
Bitcoin (BTC)
As indicated in the previous review, BTC experienced low volatility over the weekend. Currently, the asset is trading between the support zones of $25,350-$25,800 and resistance levels of $26,300-$26,600. If the asset trends upward, buyers are likely to encounter resistance at $27,200 and further within the $27,700-$28,200 range.
Should BTC maintain its downward momentum, we could expect buyers to step in around the $25,000 mark, which serves as a significant psychological threshold reflecting current market sentiment. If this level is breached, the BTC price could dip below $24,000.
![BTC chart on the H1 timeframe](https://s3.eu-central-1.amazonaws.com/gncrypto.news/pasted-image-0-1693817591MRuDv.png)
BTC chart on the H1 timeframe
Ethereum (ETH)
Ethereum's correlation with BTC remains strikingly high. At present, the ETH chart highlights two horizontal channels: one between the support of $1,625 and the resistance of $1,650, and another wider range between the support zones of $1,582-$1,606 and resistance bands of $1,660-$1,689.
If Ethereum breaks above these channels, it could challenge the resistance at $1,715 and venture into the $1,726-$1,745 range. However, if the bulls fail to surpass these marks, the cryptocurrency may see a decline, potentially revisiting recent lows.
Outside this consolidation range, the crucial support level stands at $1,550.
![ETH chart on the H1 timeframe](https://s3.eu-central-1.amazonaws.com/gncrypto.news/pasted-image-0-1-16938176157RupI.png)
ETH chart on the H1 timeframe
This week, there aren't many significant macroeconomic developments anticipated. The sole event that might spike volatility in the cryptocurrency market is the release of US unemployment claims scheduled for Thursday, September 7. Additionally, as we enter the fall, the market could witness increased liquidity and volatility, given that the summer months are generally quieter periods in the financial markets.
Check out Gagarin News for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the Gagarin News editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from Gagarin News: