Daily Technical Analysis BTC & ETH — 25th 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 $43,500 resistance against the US Dollar. BTC is showing positive signs and might even surge above $45,000.
Bitcoin started a fresh increase after it broke the $43,500 resistance zone. The price is trading above $43,500 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $43,300 on the hourly chart of the BTC/USD pair. The pair could continue to rise and might even clear the $45,000 resistance zone.
If the bulls remain in action, bitcoin price might even rise towards the $45,000 resistance. A successful break and close above the $45,000 level might spark sharp gains. In the stated case, the price might rise towards the $46,500 level.
If bitcoin fails to clear the $44,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,500 zone. The 50% Fib retracement level of the recent rise from the $42,637 swing low to $44,381 high is also near $43,500.
The next major support is seen near the trend line and $43,300 and the trend line. A downside break below the $43,300 support zone could start a drop towards the $42,500 support.
Ethereum is moving higher above $3,120 against the US Dollar. ETH price could gain pace if there is a clear move above the $3,180 resistance.
Ethereum remained well supported near the $3,000 support zone. The price is now trading above $3,120 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 $3,120 and might extend rally in the near term.
On the upside, an initial resistance is near the $3,250 level. The first major resistance is near the $3,300 level. Ether price must clear the $3,390 resistance level to start another increase.
If ethereum fails to start a fresh increase above the $3,180 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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