Bitcoin and Ether Market Update March 31, 2022
The total crypto market cap added $34 billion to its value for the period since Monday and now stands at $2.16 trillion. The top ten coins were all in green for the last 24 hours with Solana (SOL) and Avalanche (AVAX) leading the group with 13.5 and 7 percent gains respectively. At the time of writing bitcoin (BTC) is trading at $47,163. Ether (ETH) is at $3,410.
Bitcoin closed the trading day on Sunday, March 27 at $46,876 after forming a huge green candle which resulted in a 5.4 percent of price increase for the session. The coin ended the seven-day period 13.7 percent higher compared to the previous one. This helped bulls break above both the 21-period EMA on weekly and the horizontal resistance at $42,000 on the same timeframe.
The confirmed technical breakout established the $45,500-$46,000 area as the next macro support.
On Monday, the BTC/USDT pair drew its seventh consecutive daily candle in green. It climbed up to $47,144, but not before hitting the 200-day MA near $48,300 during intraday.
The Tuesday session was no different and the coin moved further up to $47,500 thus extending its gains.
The mid-week trading on Wednesday came with a small correction down to $47,000 as the $47,500 – $48,000 zone started to act as short-term resistance.
The temporary stagnation in BTC’s price rally gave altcoins the chance to catch up. The Relative Strength Indicator (RSI) is already in the overbought territory while 24-hour volumes are closed to the average values for the last 14 days.
What we are seeing midday on Thursday is a continuation of the uptrend. The leading cryptocurrency is trading slightly higher, at $47,135.
The Ethereum project token ETH was still flying high on the news of the successful Ethereum Proof of stake (PoS) testnet merge last week. Investors were betting on a higher price of the biggest altcoin in the coming months as we come closer to the mainnet merge.
The coin grew by 14.7 percent for the last seven-day period making it a 32 percent increase since jumping off the lower boundary of the long-term trading corridor. On Sunday, March 27 it climbed up to $3,300 and moved above the 200-day EMA.
It successfully surpassed the September 21 lows and the February 2022 highs established them as a support. The ether also managed to break above the 21-period EMA on the weekly timeframe chart.
The new week started with a continuation of the uptrend. Bulls pushed the price of the ETH/USDT pair up to $3,425 during intraday, but the move was partially retraced later in the session.
On Tuesday, March 29, the biggest altcoin broke above the weekly horizontal resistance around $3,350 and stopped at $3,402 at the daily candle close.
The third day of the workweek came with a negligible price correction. ETH started to lag as the RSI entered the overbought area.
The price is currently hovering around the $3,410 area as of the time of writing this market update on Thursday.