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Bitcoin and Ethereum continue their recovery

Bitcoin chart analysis

The price of Bitcoin continues its bullish consolidation successfully, and as we expected, it managed to break above the $ 45,000 level. Our next target is the $ 48,000 zone, and the last time we were there was on December 31 last year. March is very bullish for now, although we had unstable markets at the beginning of the month. The reason for that is Russia’s invasion of Ukraine, which led investors to withdraw and wait for the situation to develop in order to assess the potential risks for their investments. If the current trend continues, our next target is a $ 50,000 level, a psychological target. After that, the next target is $ 52,000, high from December 27. For the bearish option, we need a new negative consolidation and a price withdrawal towards the $ 45,000 support zone. A break below would increase bearish pressure, which could lower the price to $ 40,000. We have additional potential support at that level in the MA200 moving average.

Ethereum chart analysis

Ethereum formed a new March higher high at $ 3354. If this bullish impulse continues, we will probably test the $ 3,400 price tag, and we were last there on January 13th. Moving averages moved to the bullish side in the middle of the month and now support the price in the current bullish momentum. The next target above this zone is $ 3,800, the previous high since the beginning of the year. If that happens, then there’s a chance we’ll test the $ 4,000 price tag as well. We need a new negative consolidation and a price withdrawal below $ 3,200 for the bearish option. After that, the next lower support is at the psychological $ 3,000 level. In the zone around 2800 dollars, there is a significant MA200 moving average, and if the price breaks below it, then we return to the bearish trend.

Market overview

One of the main pillars of bitcoin promotion is decentralization. After China’s general attack on the country’s crypto industry last year, miners gathered their organizations. They fled to different parts of the world, where international circumstances are more stable and where modest power abounds. They mostly moved to North America, especially the United States.

As noted in a Cambridge Center for Alternative Finance report in October, the U.S. accounted for 35.4% of the world’s processing power of Bitcoin or hashrate by the end of August, dramatically increasing supply by 16.8% by the end of April. Kazakhstan and Russia followed the United States with a hashrate of 18.1% and 11.0%, respectively, around that time. Meanwhile, mining activities in central China have successfully fallen to zero, from a high of 75.53% in September 2019.

Crypto number one is on a two-week winning streak as it tries to continue its historical uptrend.

Bitcoin has strengthened more than 26% since March 14, climbing from a low of $ 37,570 to $ 47,660. The bullish momentum was supported by increasing open interest in the futures market and strong spot demand. However, it must regain a critical level of support in order to move forward.

Now, the bulls will need to ensure that funds are kept above this key level of support to encourage outside investors to re-enter the market.

Ethereum went through a critical resistance barrier as the whales entered a buying campaign.

The second-largest cryptocurrency by market capitalization climbed more than 16% over the past week, gaining over 500 points at market value. The rise could have the power to push prices further as buying pressure grows exponentially.

Data on the Santimenta chain show that the number of addresses holding 10,000 to 100,000 Ethereum has increased. Approximately 35 new whales have joined the network since March 14, an increase of 3% in such a short period. These wealthy market participants have accumulated approximately one million Ethereums worth more than $ 1 billion.




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