Bitcoin and Ether Market Update March 17, 2022
Total crypto market cap added $80 billion to its value for the period since Monday and now stands at $1.82 trillion. The top ten coins were all in green for the last 24 hours with Solana (SOL) and Polkadot (DOT) with 5.4 and 3.1 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $41,000. Ether (ETH) is at $2,796.
BTC/USD
Bitcoin closed the trading day on Sunday, March 13 at $37,750 after a four-day long downward movement. The coin found itself once again below the 21-day EMA on the daily timeframe chart and also broke below the lower boundary of the improvised ascending triangle pattern. As we mentioned last week, the Ascending triangle is a bullish pattern but only when it is preceded by a strong uptrend.
BTC ended the week 1.7 percent lower, but manage to keep trading in the long-term uptrend corridor.
Bulls showed up on Monday, pushing the price up to $39,730 or 5.5 percent higher on the news that a deal to end the Russia-Ukraine conflict might be close.
On Tuesday, the BTC/USDT pair fell down to $39,200 but not before touching $38,100 during the intraday session. The market could not find its direction following the United States Crypto Executive Order signing as traders were split in their opinion whether the news is bullish or bearish.
The third day of the workweek came with a solid green candle as BTC surpassed the short-term EMA and was closing in on the $42,000 mark which already proved to be solid resistance. The coin added 4.5 percent for the day.
What we are seeing midday on Thursday is a potential uptrend continuation towards the mentioned weekly horizontal resistance. Bitcoin is trading at $41,000.
ETH/USD
The Ethereum project token ETH ended the previous seven-day period with a 1.2 percent loss. It was the fifth consecutive weekly candle in red for the biggest altcoin and 11th for the last 16 weeks.
The long-term uptrend corridor was broken and so was the $2,500 horizontal support.
On Monday, March 14, the ETH/USDT pair started moving strongly in the upward direction. It jumped up to $2,587 adding 3.5 percent to its valuation.
The move was followed by a high volatility session on Tuesday during which the coin was trading in the $2,665 – $2,500 area before closing at $2,619.
The mid-week session on Wednesday came with a significant increase in the price of ETH. It grew by 5.8 percent and closed the day at $2,769.
It is worth noting that the coin was now back above both the $2,500 horizontal and the lower boundary of the diagonal uptrend corridor. It also surpassed the 21-day EMA in the upward direction and broke the mid-term diagonal downtrend line. The most actively traded zone as per the VPVR (Volume profile indicator) was also left behind.
The ether is currently trading at $2,800 in its fourth straight day in green.
