Daily Technical Analysis BTC & ETH — 24th 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 $42,500 resistance against the US Dollar. BTC may soon attempt an upside break above the $43,500 resistance zone.
Bitcoin remained supported near $42,000 and started a fresh increase. The price is trading above $42,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $42,300 on the hourly chart of the BTC/USD pair. The pair could accelerate higher if there is a clear move above the $43,300 resistance zone.
In the stated case, the price might rise towards the $44,200 level. Any more gains could send the price towards the $45,000 level in the near term.
If bitcoin fails to clear the $43,500 resistance zone, it could correct further lower. An immediate support on the downside is near the $42,500 zone.
The next major support is seen near the trend line and $42,300. It is near the 61.8% Fib retracement level of the recent wave from the $41,811 swing low to $43,288 high. The main support is still near the $42,000 zone. A downside break below the $42,000 support zone could start a drop towards the $40,500 level.
Ethereum is moving higher above $3,000 against the US Dollar. ETH price could gain pace if there is a clear move above the $3,080 resistance.
Ethereum remained well supported near the $2,900 support zone. The price is now trading above $2,920 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,985 on the hourly chart of ETH/USD. The pair is consolidating near $3,000 and might extend rally in the near term.
On the upside, an initial resistance is near the $3,065 level. The first major resistance is near the $3,080 level. Ether price must clear the $3,080 resistance level to start another increase. In the stated case, the price may perhaps rise towards the $3,120 level. Any more gains might call for a move towards the $3,250 resistance zone in the coming sessions.
If Ethereum fails to start a fresh increase above the $3,080 level, it could start a downside correction. An initial support on the downside is near the $3,000 zone.
The next major support is near the $2,980 level and the trend line. A downside break below the $2,980 support zone might push the price further lower. In the stated case, the price might drop to $2,920.
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