Bitcoin, Ethereum Technical Analysis: ETH Remains Close to Support of $2,550 to Start the Weekend

March 12, 2022

Ethereum was as soon as once more buying and selling near its assist of $2,550 on Saturday, as crypto markets proceed to consolidate. Following sturdy features on Tuesday, BTC and ETH have each primarily traded sideways, as value uncertainty grips markets.

Bitcoin

Bitcoin is down simply over 1% as of writing, because the world’s largest cryptocurrency continued to commerce beneath $40,000 to start out the weekend.

On Saturday, BTC/USD has to this point fallen to an intraday low of $38,432.93, following an earlier excessive of $39,510.69.

Today’s excessive is roughly $1,000 decrease than yesterday’s peak, the place we noticed bitcoin hit a excessive of over $40,300 within the session.

As of writing, the 14-day RSI remains to be monitoring at 47, which is marginally beneath latest resistance of 48.12.

Bulls look like ready for a breakout of this stage earlier than actually re-entering, similarly to March 8, when information of U.S. President Joe Biden’s govt order was introduced.

We will probably proceed to see consolidation till a big quantity of value energy enters the market, bullish or bearish.

Ethereum

Ethereum is buying and selling near its assist of $2,550 to start out the weekend, a place the place it has remained throughout the previous couple of periods.

Following a excessive of $2,631.49 on Friday, ETH/USD hit an intraday low of $2,536.97 throughout right now’s session, as bears proceed to press forward.

Bulls did push again on this nonetheless, with ETH now buying and selling at $2,586.08 as of writing, which is 1.41% decrease than yesterday’s excessive.

Price momentum maintains a downward development, as will be seen from each the 10-day and 25-day transferring averages.

However, the proximity of those implies that we might see a rebound, or reversal at any time, which is a prospect that can probably preserve bulls on their toes.

Could we see some reversal this weekend? Leave your ideas within the feedback beneath.