Weekly analysis – ETH/USD is on a bearish note, BTC/USD retreats from the intraday high
Analysts now believe that the ETH/USD shared crypto pair is trading within its projected range with a very strong bearish sentiment however there is strong resistance in the air and it is situated above the current price.
ETH/USD Weekly Evolution
Ethereum – ETH is now close to a value of $224.15 and it is trading with a bearish sentiment and it is expecting its volatile levels to grow. ETH is considered to be the second-largest digital asset and it has a current market value of over $24 billion. With few variations that show any change, on a weekly overview, the ETH/USD pair went downwards by a negative value of -1.65% on a week to week basis.
ETH/USD Daily Trading Tone
On a daily tone, the ETH/USD pair is showing signs of moving within a triangle pattern, which will definitely define a solid pattern in the future that will include a healthy trading direction. The tip of the triangle is now close to $232.65, which is enhanced by the SMA100 1-hour at $230. If by any chance, this resistance area is cleared, then the cross is going to gain a lot of significant traction at first with a clear focus on the $248.00 value and it will be closely followed by a significant value of $250.00.
Investors believe that if the price goes under $220.50, respectively in the lower corner of the triangle it will definitely receive reinforcements from the lower line of the 4-hour Bollinger Band, this will clearly ignite a sell-off that will fit with the next bearish target situated close to $210.57, a recent low spot that has been touched on the 27th of February.
Accessing this zone will be more than able to trigger a slower pace towards the downside trend and it will most likely trigger the rebound, without this action, the price will swiftly travel towards the $200.00 value.
BTC/USD Weekly Evolution
The BTC’s recovery could be restricted by the $8,800 value nonetheless there is a solid resistance looming in the proximity of the $9,000 value.
Analysts believe that critical support points will be generated by a huge amount of buy orders on in the close vicinity of the $8,600 value.
BTC Daily Trading Tone
The Bitcoin – BTC has pulled away from the high level of $8,000 and it is now trading close to $8,650. Despite the abrupt sell-off, the BTC digital asset managed to remain mostly unchanged since the debut of the trading week. And on a daily basis investors have already noticed an increase at certain volatile levels. It is easy to notice that the BTC’s daily trading volume has managed to touch a volume of $43.3 billion, with a market share next to 63.5%.
Analysts believe that approximately 65% of BTC holders are currently making impressive sums of money at the current price levels. Because of this strong support is generated around $8,600. A large number of addresses are setting up camp in a support area around this level. After breaching this point the sell-off will definitely offer plenty of traction with a strong focus on the recent low level of $8,430 and it will be quickly followed close up by $8,400.
This barrier will be receiving plenty of support from SMA100 daily as well as from a 38.2% Fibonacci retracement for the negative move registered from July 2019 high to December 2019 low.
Bitcoin Could Push Higher As Well – Wait And See…
On the other side of the medal, it is believed that a leap towards the $8,800 is required to trigger instant bearish pressure. The BTC will push to the high level as well as towards the upper borders of the chart which will ignite a consolidation channel.
Once this obstacle will eliminate the cross will have a clear path towards a new set of actions required to regain some of its previously lost traction but analysts believe that to succeed it will need to focus on the significant level of $9,000.
Investors have noticed that over 1 million of BTC addresses have a break even point around this level and this means that the BTC bulls are going to deploy a lot of effort in conquering this spot.