BTC and ETH Chart Analysis for July 3, 2023

The cryptocurrency market experienced a calm weekend with no significant price swings. Bitcoin continues to trade sideways, lodged between a support level of $29,600 and a resistance level of $31,400. The asset maintains its upward trend, suggesting that buyers could next be aiming for a resistance zone between $31,600 and $32,400.

In the event of a corrective movement, buyers' orders are likely to be found within the $28,700-$29,200 and $26,800-$28,000 ranges. Bitcoin's outlook will remain positive as long as its price stays above the $25,000 threshold.

Ethereum has been managing to carve its own path, breaking away from Bitcoin and maintaining a steady upward climb. The immediate resistance level is the psychologically significant mark of $2,000. Beyond this point, sell orders are situated within the $2,050-$2,141 zone. 

The current support level falls between $1,885 and $1,910. Lower still, we can find support zones at $1,805-$1,830 and $1,700-$1,725. If ETH breaks through and solidifies its price below $1,700, this would indicate a shift toward a downward trend. 

All eyes are currently focused on the Bitcoin ETF situation, considering its significance in terms of fundamental factors. If the applications from major funds like BlackRock and Fidelity are approved by the SEC, it would indicate an influx of institutional investors, thereby signaling increased liquidity in the cryptocurrency market. Conversely, any delays or additional complaints from the SEC concerning these funds could potentially cast a shadow over the broader market's trajectory.

Check out Gagarin News for the latest cryptocurrency rates and chart analysis.

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.

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.

This analysis was informed by the following educational materials and articles from Gagarin News: