08 April chart overview for Bitcoin and Ethereum

• The price of bitcoin has been consolidating to about 43,000 dollars for the second day.
• The price of ethereum fell to the $ 3140 level yesterday, forming the April minimum.
• El Salvador President Nayib Bukele will be absent from the 2022 Bitcoin Conference in Miami.
• Coinbase, the largest cryptocurrency exchange in the United States, announced on Thursday that its trading services are now available to users in India.

BTCUSD chart analysis

The price of bitcoin has been consolidating to about 43,000 dollars for the second day. Bitcoin failed to break above the $ 48,000 level last week and continue the bullish trend. In contrast, we see pullback prices up to $ 42,800 and the current consolidation. At this level, we now have support in the MA200 moving average and in the March trend line. A break below would increase bearish pressure that could bring us below the $ 42,000 level. In continuation, our next target is the zone at 40,000 dollars, a psychological level that we managed to overcome on March 16. The larger March support zone was $ 38,000, while the March minimum was $ 37,200 level. For the bullish option, we need a price jump above $ 45,000. After that, we can expect a $ 48,000 retest, and we may see a potential break.

ETHUSD chart analysis

The price of ethereum fell to the $ 3140 level yesterday, forming the April minimum. After that, we see the current price recovery at $ 3265. Moving averages MA20 and MA50 are now on the bearish side, increasing bearish pressure. We need a new price withdrawal below the $ 3,200 level for the bearish option. The break below opened up space for you to the next lower support at the $ 3,000 psychological level. We have potential additional support at that level in the MA200 moving average. The following lower supports are at $ 2,800, then the $ 2,500 zone, the March support zone. For the bullish option, we need a price jump above the $ 3,400 level and moving averages of MA20 and MA50. After that, we come to the March resistance zone of 3500-3600 dollars. a price break above could reverse the trend and strengthen the bullish option. The following upper resistance zones are $ 3,800, then $ 4,000 psychologically next level.

Market overview

El Salvador President Nayib Bukele will be absent from the 2022 Bitcoin Conference in Miami.

El Salvador President Nayib Bukele recently decided to stay in his country and not attend the 2022 Bitcoin Conference in Miami. He stressed that some unforeseen circumstances have arisen that require his full attention. However, he did not reveal the exact circumstances of the letter, which the conference organizers published via Twitter. But the letter emphasizes his quote that he must be on the other side in the fight for freedom.

The country that accepts Bitcoin as a legal tender is currently in an aggressive fight against Maras, criminal groups. About 62 people were killed in the killings late last month. They are forcing the El Salvador Legislative Assembly to suspend constitutional rights for 30 days.

El Salvador National Police reported that 6,894 gang members had been arrested in the last eleven days.

El Salvador President Nayib Bukele further said in a letter that he sincerely hopes to take part in the event to make another announcement, another small contribution to their fight for the release of money, which is one of the pillars of modern society.

Coinbase enters the Indian crypto market

Coinbase, the largest cryptocurrency exchange in the United States, announced on Thursday that its trading services are now available to users in India. The company, which is on the public stock exchange, said that it is working on expanding its offer of products in the country.

Coinbase announced the move at a crypto community event in Bangalore and revealed that it had added support for India’s popular UPI payment instrument. The exchange said that Indian users can now trade as many as 157 cryptocurrencies and buy crypto assets in Indian currency.

The popular stock exchange now allows Indian users to buy crypto coins using the Unified Payments Interface (UPI), a payment infrastructure developed by a coalition of retail banks. UPI has become the most popular way for Indians to conduct online transactions.

The development enabled the crypto exchange to function in the world’s second-largest internet market for the first time. Coinbase users in India can add money to their accounts and withdraw them from their accounts using the UPI network, according to the stock exchange.