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Bitcoin and Ethereum continue to recover

Bitcoin chart analysis

Bitcoin managed to break above the $ 42,000 resistance zone, climbed to $ 43,300 and now the price is consolidating to $ 42,850. If the price plans to stay above and continue on the bullish side, it should find support above $ 42,600. If it succeeds, our next target is the zone of the previous high from the beginning of March, around 45,000 dollars. For the bearish option, we need a new negative consolidation and a withdrawal below $ 42,000. At $ 41,000, we find support in the MA50 moving average, and in the $ 40,000 zone, we have additional support in the MA200 moving average. A drop below $ 40,000 would increase bearish pressure. After that, our target is the support zone 37200 -37675 dollars.

Ethereum chart analysis

The price of Ethereum managed to make a jump above 3050 dollars this morning, and the maximum was at 3055 dollars. Now the price is consolidating around $ 3,000, and we need further positive consolidation to continue on the bullish side. Our next target is our next upper resistance zone, $ 3,200. For the bearish option, we need new negative consolidation and pullback prices below $ 3,000. Our first significant support is at $ 2,800, with additional support in the MA50 moving average. The MA200 is at our $ 2,700 level. The following lower supports are at the $ 2,500 level, and the next at $ 2,300, the March low.

Market overview

The latest news by Blockchain analytics firm Glassnode on the weekly movement of the Bitcoin network shows that the price of the largest cryptocurrency by market capitalization remained firmly in the same range of $ 5,000 from $ 37,675 to $ 42,350. However, on March 22, the assets experienced a sudden jump in prices, which raised prices to a two-week high.

Overall, the network is in a visible lull, according to Glassnode’s weekly review:

“The use of the bitcoin network and the activities on the chain remain firmly in the territory of the bear market, although they are recovering.

The research concluded that there is a marked difference in the behaviour of the average BTC investor based on their geography. It is noticeable that investors from the USA and the EU were mostly buyers, while Asian investors were sellers. This trend had remained consistent since March 2020, with the exception of last November, when both sides were buying intensively.

Glassnode reported that Asian markets generally offered lower support for purchases during Q1-Q3 2021 and are currently producing high sales pressure.

Several parameters on the chain suggest that the bear market is largely underway. The number of newest entities – or newest wallets unrelated to existing wallets – has been gradually increasing since mid-2021 on the Bitcoin network.

In the bear market, the growth of new entities is growing slowly and steadily. In the bull periods, the growth of new entities is experiencing big jumps as in January 2018 and January 2021.

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