Daily Technical Analysis BTC & ETH — 23th Mar 2022
Bitcoin started a steady increase above the $42,000 resistance against the US Dollar. BTC tested the $43,400 zone and recently corrected it lower.
Bitcoin started a downside correction after a test of $43,400. The price is trading above $42,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC/USD pair. The pair must stay above the $41,500 support zone to remain in a positive zone.
In the stated case, the price might rise towards the $43,500 level. Any more gains could send the price towards the $44,200 level in the coming sessions.
If bitcoin fails to clear the $43,000 resistance zone, it could correct further lower. An immediate support on the downside is near the $42,000 zone.
The next major support is seen near the trend line and the 100 hourly SMA. The main support sits near the $41,500 zone (the previous breakout zone). A downside break below the $41,500 support zone could push the price further lower towards $40,500.
Ethereum attempted a steady increase above $3,000 against the US Dollar. ETH price failed near $3,050 and started a downside correction.
Ethereum started a downside correction after it failed to clear $3,050. The price is now trading above $2,900 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD. The pair is consolidating above $2,900 and might start another increase in the near term.
If there is a fresh increase, the price might clear the $2,965 and $2,980 resistance levels. The first major resistance is near the $3,000 level. Ether price must clear the $3,000 resistance level to start another increase. In the stated case, the price may perhaps rise towards the $3,050 level. Any more gains might call for a move towards the $3,120 resistance zone in the coming sessions.
If Ethereum fails to start a fresh increase above the $3,000 level, it could start a downside correction. An initial support on the downside is near the trend line support and $2,940.
The next major support is near the $2,925 and the 100 hourly SMA. A downside break below the $2,925 support zone might push the price further lower. In the stated case, the price might drop to $2,850.
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