• Bitcoin fell by over 4% today as it returns back toward the $40,000 level. Nevertheless, it remains inside the channel that spans 2022
• Ethereum also saw a 4% price drop as it battles to hold the $3,000 level

What has been going on?

Although Bitcoin is down by 4% today, the cryptocurrency has remained neutral over the past 7 days. At the start of April, BTC rolled over from resistance at the 200-day MA, around $48,000, and headed lower until meeting support at the lower boundary of a price channel last week.

Over the course of the week, BTC battled to push away from this lower boundary, managing to reach as high as $43,000 yesterday. The market has since retraced and returned to the price channel , and the buyers attempt to defend the level once again.

Despite the bleak short-term outlook, holders should still remain confident if BTC can remain within the boundaries of the established channel. However, with bearish sentiment continuing within the market, BTC might end up breaking this price channel over the weekend which could be detrimental to any short-term recovery.

Ethereum also fell by 4% today as it too trades within a short-term descending price channel of its own. The buyers are attempting to defend the $3,000 support but the sellers have been hammering the level throughout the entire month and is looking unlikely to hold at this time.

To read more about what the charts are suggesting for Bitcoin and Ethereum markets going forward, check out the original article posted on CoinCodex: https://coincodex.com/article/14315/bitcoin-ethereum-will-btc-be-able-to-hold-price-channel-support-this-weekend/