Daily Technical Analysis BTC & ETH — 25th April 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 settled below the $40,500 level to move into a bearish zone. BTC traded below the $40,000 support level and settled below the 100 hourly simple moving average to move into a bearish zone.

The price even traded below the $39,200 support level. A low is formed near $38,700 and the price is now consolidating losses. An immediate resistance on the upside is near the $39,500 level. There is also a key bearish trend line forming with resistance near $39,500 on the hourly chart of the BTC/USDT pair.

The next key resistance could be $39,700 or the 23.6% Fib retracement level of the recent decline from the $42,950 swing high to $38,700 low.

The first major resistance is now forming near the $40,000 level. The main resistance sits near $40,500 and the 100 hourly simple moving average. The price must settle above the $40,500 zone and the 100 hourly simple moving average to start a strong upward move.

In the stated case, the price could even surpass the 50% Fib retracement level of the recent decline from the $42,950 swing high to $38,700 low.

If bitcoin fails to clear the $40,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,000 level.

The next major support is seen near the $38,800 level. A downside break below the $38,800 zone could send the price towards the $37,500 support zone.

Ethereum attempted a clear move above the $3,000 resistance zone. However, ETH failed to gain strength above the $3,000 level and formed a short-term top near $2,980.

A high was formed at $2,967 and the price started a sharp decline. There was a clear move below the $2,950 support zone and the 100 hourly simple moving average. The bears were able to push the price below the $2,900 level.

A low was formed near $2,840 and the price is now consolidating losses. Ether is now trading above the 23.6% Fib retracement level of the recent decline from the $2,967 swing high to $2,840 low.

On the upside, an initial resistance is seen near the $2,900 level. It is near the 50% Fib retracement level of the recent decline from the $2,967 swing high to $2,840 low. The next major resistance is near the $2,930 level. There is also a key bearish trend line forming with resistance near $2,935 on the hourly chart of ETH/USDT.

The main resistance now sits near $3,000 and the 100 hourly simple moving average. A close above the $3,000 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,050 level.

If ethereum fails to gain a pace above the $2,930 level, it could continue to move down. An initial support on the downside is near the $2,850 zone.

The first major support is near the $2,840 level. If there is a downside break below the $2,840 support, the price could accelerate lower. The next key support is near the $2,750 zone.

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