Mar 17, 2022
Daily Technical Analysis BTC & ETH — 17th 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 started a fresh increase above the $40,000 resistance against the US Dollar. BTC remains supported and might rally again above the $41,500 resistance.
Bitcoin reclaimed the $40,000 level and might continue to rise. The price is trading above $40,200 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $39,850 on the hourly chart of the BTC/USD pair. The pair might correct lower, but the bulls might remain active near the $40,000 zone.
On the upside, the price is facing resistance near the $41,200 level. The next major resistance could be near the recent high of $41,600. A clear move above the $41,600 level could open the doors for another rally. In the stated case, the price might rise towards the $42,500 level. Any more gains might send the price towards the $43,200 level in the near term.
If bitcoin fails to clear the $41,600 resistance zone, it could start a downside correction. Immediate support on the downside is near the $40,500 zone.
The next major support is seen near the $40,300 level. It is near the 50% Fib retracement level of the upward move from the $39,308 swing low to $41,470 high. The main support is still near the $40,000 zone, below which the price might test $39,000.
Ethereum rallied above $2,700 against the US Dollar. ETH's price is now consolidating near $2,800 and might start a short-term downside correction.
Ethereum started a fresh increase above the $2,700 resistance level. The price is now trading above $2,700 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD. The pair is consolidating above $2,750 and might correct lower in the near term.
Ether price must clear the $2,780 and $2,800 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $2,880 level. Any more gains might call for a move towards the main $3,000 resistance zone in the near term.
If Ethereum fails to start a fresh increase above the $2,800 level, it could start a short-term downside correction. Initial support on the downside is near the $2,750 level.
The next major support is near the $2,720 level and the trend line. The main support is now near the $2,700 level. It is near the 50% Fib retracement level of the upward move from the $2,634 swing low to $2,791 high. A downside break below the $2,700 support zone might start a fresh decline towards the $2,600 level.
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