Daily Technical Analysis BTC & ETH — 9th May 2022
Bitcoin price struggled to stay above the $36,000 support zone and extended downsides. BTC traded below the key $35,500 and $35,000 support levels to move further into a bearish zone.
There was a close below $35,000 and the 100 hourly simple moving average. The price even traded below the $34,000 level and traded to a new multi-week low at $33,700. It is now consolidating losses and showing bearish signs below $34,000.
On the upside, bitcoin price is now facing resistance near the $34,000 level. The next key resistance could be near the $34,200 level. There is also a key bearish trend line forming with resistance near $34,200 on the hourly chart of the BTC/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $36,058 swing high to $33,700 low.
The main resistance is now forming near the $35,000 level. It is near the 50% Fib retracement level of the downward move from the $36,058 swing high to $33,700 low. To start a fresh increase, the price must settle above the $35,000 level.
If bitcoin fails to clear the $35,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $33,700 level.
The next major support is seen near the $33,500 level. A downside break below the $33,500 support might spark another sharp decline. The next major support could be $32,500. Any more losses might send the price towards the $32,000 support zone.
Ethereum struggled to settle above the $2,700 resistance. ETH topped near the $2,700 level and started a fresh decline. There was a sharp move below the $2,620 and $2,550 levels.
The bears even pushed the price below the $2,500 level and the 100 hourly simple moving average. A low is formed near $2,422 and the price is now consolidating losses. On the upside, an initial resistance is seen near the $2,485 level.
There is also a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low.
The first major resistance is near the $2,565 level. It is near the 50% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low. The main breakout zone is now near the $2,650 level and the 100 hourly simple moving average.
A close above the $2,650 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,700 resistance.
If ethereum fails to gain pace above the $2,565 resistance, it could continue to move down. An initial support on the downside is near the $2,420 zone.
The next major support is near the $2,400 level. If there is a downside break below $2,400 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,350 level.
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