Mar 22, 2022
Daily Technical Analysis BTC & ETH — 22th 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 downside correction below $41,200 against the US Dollar. BTC must stay above the $40,000 support to start a fresh increase.
Bitcoin started a downside correction below the $41,200 support zone. The price is trading below $41,400 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $41,400 on the hourly chart of the BTC/USD pair. The pair must stay above the $40,000 support zone to remain in a positive zone.
In the stated case, the price might rise towards the $42,000 level. Any more gains could initiate a fresh move towards the key $42,500 and $43,600 barrier in the near term.
If bitcoin fails to clear the $41,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,800 zone.
The next major support is seen near the $40,500 level. The main support sits near the $40,000 zone. It is near the 61.8% Fib retracement level of the key increase from the $38,808 swing low to $42,368 high. A downside break below the $40,000 support zone could push the price further lower towards $38,800.
Ethereum rallied above $2,900 against the US Dollar. ETH's price is now consolidating near $2,900 and might rise further above $3,000.
Ethereum started a fresh increase above the $2,900 resistance level. The price is now trading above $2,990 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,850 on the hourly chart of ETH/USD. The pair is consolidating above $2,900 and might start another increase in the near term.
Immediate resistance on the upside is near the $3,050 level. The first major resistance is near the $3,050 level. Ether price must clear the $3,050 and $3,100 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $3,200 level. Any more gains might call for a move towards the main $3,000 resistance zone in the coming sessions.
If Ethereum fails to start a fresh increase above the $3,050 level, it could start a downside correction. Initial support on the downside is near the trend line support and $2,900.
The next major support is near the $2,850. The main support is now near the $2,800 level. A downside break below the $2,800 support zone might push the price further lower. In the stated case, the price might drop to $2,750.
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