Bitcoin and Ether Market Update March 3, 2022
Total crypto market cap added $192 billion to its value for the period since Monday and now stands at $1.92 trillion. The top ten coins were mostly in red for the last 24 hours with Cardano (ADA) and Avalanche (AVAX) being the worst performers with 4.1 and 3.4 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $43,550. Ether (ETH) is at $2,915.
Bitcoin closed the trading day on Sunday, February 27 at $37,747 after suffering rejection at the 21-day EMA on the daily timeframe and the lower boundary of the horizontal resistance situated in the $40,000-$42,000 zone.
BTC closed the previous seven-day period with a 2 percent loss after trading in the wide range between $34,200 – $42,200 throughout the week. The area below $35,000 proved to be solid mid-term support.
On Monday, the BTC/USDT pair made an unexpected reversal by forming a huge green candle on the daily chart. The coin added 14.7 percent surpassing the above-mentioned resistances to reach $43,180. It was one of the biggest one-day jumps in the history of bitcoin and it helped it close the monthly candle for February 12 percent up compared to January.
The Tuesday session came with a confirmation of the uptrend as buyers were looking to consolidate at the important short-term resistance near $44,500.
The mid-week session saw an early break of this price level. Bulls pushed the price up to $45,400 in the early hours of trading, but the momentum was not on their side and BTC eventually closed the day in red.
The trading volumes were already above the average values for the last 14 days.
What we are seeing midday on Thursday is a second consecutive day in red. Bitcoin is trading at $43,550.
The Ethereum project ETH was rejected at the horizontal resistance and the 21-day EMA around $2,800 on Sunday, February 27. The coin lost 5.5 percent for the day and once again hit the long-term diagonal support. From a weekly perspective, it remained flat as bulls managed to avoid a drop below the mentioned dynamic support.
On Monday, the ETH/USDT pair increased by 12 percent and hit $2,920. The move helped the coin close the monthly candle 9 percent higher.
The next targets in front of the biggest altcoin were to consolidate above the resistance cluster and also break above the mid-term downtrend diagonal on the daily timeframe. On Tuesday, March 1, it continued to move in the upward direction by closing the session at $2,975 after temporarily climbing above the $3k mark.
The third day of the workweek came with a short pullback to the zone around $2,900. The wide $3,000-$3,300 zone is considered by many as the next big horizontal obstacle as it proved in the past to be a major point of interest for both bulls and bears.
The ETH token is currently trading at $2,915 as of the time of writing this market update.