Daily Technical Analysis BTC & ETH — 2nd May 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 price gained bearish momentum after it broke the $39,000 support zone. BTC even traded below the $38,000 level and settled below the 100 hourly simple moving average.
There was a spike below the $37,500 support zone. A low was formed near $37,399 and the price is now correcting higher. There was a move above the $38,000 and $38,200 resistance levels. There was also a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USDT pair.
Bitcoin price even climbed above the 23.6% Fib retracement level of the key decline from the $40,349 swing high to the $37,399 low. It is now facing resistance near the $38,800 level and the 100-hourly simple moving average.
The 50% Fib retracement level of the key decline from the $40,349 swing high to the $37,399 low is also near the $38,800 zone to act as a resistance. The next key resistance could be near the $39,000 zone. A close above the $39,000 level could open the doors for a decent increase.
In the stated case, the price could even surpass the $39,250 resistance. The next major resistance may perhaps be near the $40,000 zone.
If bitcoin fails to clear the $39,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $38,400 level.
The next major support is seen near the $38,000 level. A clear break below the $38,000 support zone could even push the price below $37,500. Any more losses might call for a test of the $36,400 support.
Ethereum followed a bearish path below the $2,850 pivot level. ETH even traded below the $2,800 support level and the 100 hourly simple moving average.
It traded as low as $2,718 before the bulls appeared. Ether price started an upside correction and climbed above the $2,750 level. The price was able to surpass the $2,800 resistance. There was a clear move above the 23.6% Fib retracement level of the key decline from the $2,980 swing high to $2,718 low.
Besides, there was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USDT. The pair is now consolidating above $2,820 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $2,850 level. It is near the 50% Fib retracement level of the key decline from the $2,980 swing high to $2,718 low. The next major resistance is near the $2,880 level. A clear move above the $2,880 resistance might start another increase.
The next major resistance on the upside might be $2,920. Any more gains may perhaps send the price towards the $3,000 resistance in the near term.
If ethereum fails to gain pace above the $2,850 resistance, it could start another decline. An initial support on the downside is near the $2,800 zone.
The first major support is near the $2,750 level. If there is a downside break below the $2,750 support, the price could revisit the key $2,720 support zone. Any more losses may perhaps open the doors for a larger decline towards the $2,650 level or even $2,620.
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