Daily Technical Analysis BTC & ETH — 25th Feb 2022
Bitcoin found support near $34,300 and started a strong recovery against the US Dollar. BTC climbed above $38,000, but it is still struggling near $40,000.
Bitcoin found support near the $34,300 and $34,500 levels. The price is trading above $38,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $37,600 on the hourly chart of the BTC/USD pair. The pair could rise further if there is a clear move above $39,500 and $40,000.
On the upside, an immediate resistance is near the $39,200 level. The next key resistance is near the $39,500 level. The main resistance is still near the $40,000 level. A clear move above the $40,000 resistance could send the price further higher. In the stated case, it could even test $41,200.
If bitcoin fails to clear the $39,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $38,000 zone.
The next major support is seen near the $37,800 level and the trend line. If there is a downside break below the trend line support, the price might gain bearish momentum towards $36,000.
Ethereum found a strong support near the $2,300 zone against the US Dollar. ETH price is rising and might rally if it clears the $2,750 resistance zone.
Ethereum started a major recovery wave from the $2,300 support zone. The price is now trading above $2,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The pair could continue to rise if there is a clear move above the $2,750 resistance zone.
The main resistance is now forming near the $2,750 level. A clear move above the $2,750 might start a steady increase. In the stated case, the price might even rise towards the $2,920 level.
If ethereum fails to continue higher above the $2,750 resistance, it could start a downside correction. An initial support on the downside is near the $2,600 level.
The next major support is near the $2,500 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. A downside break below the $2,500 support could push the price towards the $2,400 support level.
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