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.
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 with 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.