Daily Technical Analysis BTC & ETH — 10th Mar 2022
In order to support you and the crypto community with trading decisions, WenX is serving you with Daily Technical Analysis updates on BTC & ETH.
Bitcoin rallied above the $42,000 resistance zone against the US Dollar. BTC is correcting gains, but it might find support near the $40,000 zone.
Bitcoin extended rally and even traded above the $42,000 resistance zone. The price is trading above $40,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $40,250 on the hourly chart of the BTC/USD pair. The pair might start a fresh increase unless there is a close below the 39,500 support zone.
If the bulls remain in action, they might attempt a new weekly high above the $42,500 zone. The next major resistance sits near the $43,200 level.
If bitcoin fails to clear the $41,650 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,500 zone.
The next major support is seen near the $40,250 level and the trend line. The main support sits near the $40,000 zone or the 50% Fib retracement level of the upward move from the $37,160 swing low to $42,547 high. At the time of writing, BTC price break below the $39,500 support, the price might gain bearish momentum towards $38,000, $37,200, and even further down to $35,500.
Ethereum failed to surpass $2,780 and corrected lower against the US Dollar. ETH price must stay above $2,570 to start a fresh increase in the near term.
Ethereum struggled to clear the $2,780 zone and corrected gains. The price is now trading below $2,650 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $2,660 on the hourly chart of ETH/USD. The pair could extend decline if it fails to stay above $2,570 and $2,550.
The first major resistance is seen near the $2,650 level and the 100 hourly simple moving average. The next major resistance is near the $2,780 level, above which the price could accelerate higher. In the stated case, the price might rise towards the $2,880 level.
If Ethereum fails to start a fresh increase above the $2,650 level, it could continue to move down. Initial support on the downside is near the $2,570 level.
The next major support is near the $2,550 level. A close below the $2,570 and $2,550 support levels might push the price further lower. In the stated case, the price could be revisit $2,445.
Thanks for reading!
Feel free to share your thoughts, feedback, and suggestions in the comments below. If you like this article share it on social media and to your friends! Follow us and stay tuned for daily updates!
Risk Disclaimer: Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.
Follow us:
Instagram: https://www.instagram.com/wenxpro_official/
Twitter：https://twitter.com/OfficialWenx
Facebook：https://www.facebook.com/WenXPro
Telegram：https://t.me/WenXpro
