Daily Technical Analysis BTC & ETH — 4th April 2022
Bitcoin attempted an upside break above $47,500 against the US Dollar. BTC failed to gain traction and corrected lower below $46,500.
Bitcoin is showing bearish signs and struggling below the $47,000 pivot level. The price is trading below $46,500 and the 100 hourly simple moving average. There was a break below a major breakout pattern with support near $46,400 on the hourly chart of the BTC/USD pair. The pair could extend decline and test the $45,000 support zone in the near term.
The next major support is seen near the $45,500 level. The main support now sits near the $45,000 level. A downside break below the $45,000 support zone could increase selling pressure in the near term. In the stated case, the price could even decline below $44,250.
If bitcoin remains stable above the $45,000 support level, it could attempt a fresh increase. An immediate resistance on the upside is near the $46,250 level and the 100 hourly SMA.
The next major resistance is near the $46,750 level. The key hurdle is now forming near the $47,500 level, above which the price might rise steadily. In the stated case, it could test the $48,500 resistance zone.
Ethereum gained pace above the $3,500 resistance against the US Dollar. ETH price is consolidating and might eye more gains above the $3,550 resistance.
Ethereum started a fresh increase after it cleared the $3,450 resistance. The price is now trading above $3,500 and the 100 hourly simple moving average. There is a key rising channel forming with support near $3,455 on the hourly chart of ETH/USD. The pair could start another increase if it manages to stay above the $3,400 support zone.
In the stated case, the price could even surpass $3,600. The next major stop for the bulls on the upside may perhaps be $3,680.
If Ethereum fails to start a fresh increase above the $3,525 level, it could continue to move down. An initial support on the downside is near the $3,500 zone.
The next major support is near the $3,425 level and the 100 hourly simple moving average. The main support is near the $3,400 zone or the 50% Fib retracement level of the upward move from the $3,215 swing low to $3,580 high. A downside break below the $3,400 support zone might push the price towards the $3,220 level.
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