Bitcoin and Ether Market Update March 10, 2022
Total crypto market cap added $16 billion to its value for the period since Monday and now stands at $1.74 trillion. The top ten coins were all in red for the last 24 hours with bitcoin (BTC) and Avalanche (AVAX) being the worst performers with 7.1 and 7.0 percent of losses respectively. At the time of writing bitcoin is trading at $39,130. Ether (ETH) is at $2,594.
Bitcoin closed the trading day on Sunday, March 6 at $38,405 after a week full of uncertainties that drove the price of the biggest cryptocurrency to the zone below $40,000. It managed to add almost 2 percent on a weekly basis, but the most important part is it was heavily rejected at the 21-period EMA on the weekly chart, forcing it to retrace by more than 15 percent.
The new week started with another red session during which the BTC/USDT pair briefly touched $37,250 before recovering to the area above the improvised short-term diagonal uptrend line.
On Tuesday, March 8, bitcoin formed a small green candle to $38,700 on the daily chart as the news about the upcoming crypto regulations from the United States government agencies seemed not to have that much of an impact on the price.
The mid-week session on Wednesday came with a solid push in the upward direction. The leading cryptocurrency climbed all the way up to $42,000 adding 8 percent.
Bitcoin is currently slowly building an ascending triangle pattern on the daily chart, which is usually a bullish formation, but when it is part of an uptrend.
$42,000 remains as the next major obstacle in front of bulls.
The coin is trading at $39,150 as of the time of writing.
The Ethereum project token ETH closed the previous week in red after losing 2.2 percent of its valuation and closing a weekly candle below the lower boundary of the long-term uptrend corridor for the first time since its starting point back in January 2021. The coin could not keep up the uptrend momentum and was forced to retrace by more than 13 percent after hitting the next big resistance cluster above $3,000.
On Monday, the ETH/USDT pair formed a second consecutive red candle on the daily chart by dropping down to $2,498. The coin was trading in the $2,650 – $2,450 range throughout the day.
The second session of the workweek brought some relief for bulls. The ether climbed up to $2,575 in a bullish engulfing supported by relatively high daily volumes.
On Wednesday, March 9, the price of ETH reached the 21-day EMA but was not able to break past the diagonal downtrend line
The next key objective in front of the Ethereum token bulls is to surpass the extremely fortified zone between $2,700 and $2,800. Here we can see the 21-day EMA, the mid-term diagonal downtrend, and the most actively traded zone as per the Volume Profile Indicator (VPVR). The ether is also still caught below the mentioned uptrend channel.
What we are seeing midday on Thursday is a small pullback to the 2,620 mark.