Bitcoin and Ethereum and the current price recovery

Bitcoin chart analysis

In the last 24 hours, the price of Bitcoin has been in the range of 40,500 – 41,500 dollars. Bullish pressure is present, but we need above all a jump to 42,600 dollars, the previous high from last week. A break above would be a big success for the bulls, and after that, if we consolidate above, it would open up space towards $ 45,000. And the last time we were here was in early March. For the bearish option, we need a negative consolidation and a price withdrawal to a zone around $ 40,000. Additional potential support at that level is our MA50 and MA200 moving averages. A break below would amplify the bearish signal, and after that, we descend to the previous support zone of about $ 38,000. Our March low is at $ 37,195.

Ethereum chart analysis

Ethereum managed to break yesterday’s resistance to 2775 dollars, and now we are at 2815 dollars. If this bullish impulse continues, our next resistance is $ 2,900, and then the ground level at $ 3,000. For the bearish option, we need a price withdrawal below $ 2,750 and the first MA20 moving average. The first subsequent support is at the $ 2700 level, with support for the MA50 moving average. If this support doesn’t last, we can expect the next one at $ 2,600, with additional support in the MA200 moving average. This week’s low is $ 2,500, and our March low is $ 2,444.

Market overview

At the new meeting, Michael Novogratz, CEO of Galaxy Digital Holdings Ltd., prevented any opportunity for Bitcoin to break its record this year. As he stated, the leading computerized resource will have to exchange between 30,000 and 50,000 dollars over time.

Novogratz pointed out that, despite the fact that the Federal Alliances increased funding costs, financial backers can’t want to contribute as much liquidity as they filled the space during the pandemic, which helped Bitcoin reach new highs.

According to him, as the Fed considers fixing the market in its efforts to manage expansion, financial backers are further assessing the dangers. This implies that the probability of pouring cash into Bitcoin will be reduced this year.

He continued that the ongoing conflict in Ukraine will also affect the decisions of financial supporters. The continuous conflict has brought the stock market and crypto markets to the progression of eccentric development.

During the beginning of the conflict, the value of bitcoin was decisively answered because it was accepted that Russian oligarchs could use the resource class to avoid sanctions. However, the available data show that this is beyond the scope of the possibilities due to the direct idea of ​​the market and various reasons.

Fed President Jerome Powell signalled that the American economy is “very strong” and that it can cope with the monetary tightening, which caused a jump in shares. The Bank of England held a meeting on monetary policy and raised interest rates to pre-Covid levels.

“Ethereum has shown bullish movements behind its successful merger on the Kiln testnet, a fundamental milestone on its path to moving to proof of ownership during the year,” said Fabio Pecotti, founder of crypto investment firm Iconium.

Crypto market capitalization rose 4% over the past day to $ 1.82 trillion. The bitcoin domination index grew 0.2 points to 42.8%. The Fear and Greed Index added three more points during the day to raise the “fear” level to 27, suggesting improved investor sentiment.