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Bitcoin and Ethereum continue to consolidate

Bitcoin chart analysis

Early this morning, the price of Bitcoin fell below $ 38,000 this morning, but very quickly, we saw a recovery to $ 39,200. Our current resistance is the MA200 moving average to further the potential bullish trend. The price of Bitcoin should break above $ 40,000, which would be a sign of a potentially shorter recovery to $ 42,000. For now, we have resistance at $ 39,200 and see a shorter withdrawal at $ 38,863. We can say that we are still under bearish pressure and that the price may fall below $ 38,000. If the price falls below $ 38,000, our first lower support is at $ 37,200, low from March 7th. If this support doesn’t hold up, the next potential support is $ 35,000 on the bottom trend line.

Ethereum chart analysis

Ethereum was consolidating between $ 2,500 and $ 2,700 over the weekend. This morning we had another test of the 2500 support zone, and the price after that made a bullish impulse that climbed us to 2600 dollars. Now we need a break above this level and above moving averages. This could boost bullish optimism and increase the price of Ethereum with new customers. Our first target is last week’s high at $ 2,750, and then the next is the $ 2,800 level. And our main target is $ 3,000 psychological level. For the bearish option, we need a negative consolidation and a withdrawal below $ 2,500. Then the March low to $ 2,450, and if it doesn’t hold up, we go further down to $ 2,300.

Market overview

Bitcoin dropped while the European Parliament debated a potential ban on cryptocurrency, and if bitcoin is banned, it could have a significant negative impact on the market.

Bitcoin and other cryptocurrencies came into a corrective position over the weekend as the European Parliament’s committee prepares to vote on a new regulatory framework later today.

Members of the European Parliament’s Committee on Economic and Monetary Affairs should vote on whether to bring cryptocurrencies under the scope of existing financial regulations. Voting is part of a broader effort to combat money laundering.

Industry leaders expect the EU parliament to approve a bill that effectively bans major digital currencies such as Bitcoin and Ethereum for environmental sustainability.

The world’s most valuable digital currency remained in a narrow range of trading over the weekend, with highs of about $ 40,000 and lows of just over $ 37,000 under pressure from risk aversion in global markets due to the conflict in Ukraine.

Meanwhile, Ethereum’s ‘altcoin’ value remains stable at $ 2,500, while alternative cryptocurrencies have been less affected. CoinMarketCap’s total market value fell 1.3 percent to $ 1.72 trillion.

Bloomberg has released a summary of the law’s final version, which will be voted on Monday in a parliamentary meeting.

In any case, concerns about strict regulations in Europe are discouraging investors from investing in the market. The MiCA regulatory framework, which will go through several phases before 2024, when it is expected to be ready for approval, is having a negative impact on digital assets in Europe.

Voting in the European Parliament comes at a time when policymakers worldwide are struggling with the way they deal with cryptocurrencies. While some see them as a threat to financial stability, others see their innovation potential.

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