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BTC and ETH are still under pressure

Bitcoin chart analysis

The price of Bitcoin failed to break over $ 40,000 over the weekend. Contrary to expectations, the price is right, and a new withdrawal of up to $ 37,300. As the Asian stock market opened, so did the price of Bitcoin. The price recovery is at the current $ 38,550, and we have symbolic support in the MA20 moving average. The situation in Ukraine continues to separate investors from risky investments in unstable cryptocurrencies.

Bullish scenario:

  • We need to continue the current positive consolidation and retest the $ 40,000 level.
  • An additional resistance at that level can be the MA50 moving average.
  • Break prices above would open up potential space for us up to $ 42,000.
  • Our severe first target is the $ 44,000-46,000 zone, and if the price manages to break above, then we can say that there is a chance to visit the $ 50,000 level.

Bearish scenario:

  • We need negative consolidation and a price withdrawal below $ 38,000 first.
  • Then we look at $ 35,000 as the next potential support.
  • And if it doesn’t hold up, then we can expect a further pull in the price of Bitcoin to the $ 33,000-34,000 zone, this year’s support zone.

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Ethereum chart analysis

Ethereum’s price over the weekend was similar to Bitcoin. Here, too, we have seen a withdrawal from the $ 2,800 resistance zone to the current $ 2,630. We can say that the price is still under pressure during the events in Ukraine.

Bullish scenario:

  • We need new positive consolidation and price growth to the previous resistance zone of $ 2,800.
  • Then we need a break above to increase the bullish optimism to see the price at $ 3,000.
  • Additional resistance to $ 3,000 is the MA200 moving average, and we have to jump above it if we want to continue on the bullish side.
  • After that, we can expect the price of Ethereum to rise to $ 3,200 first, and then to $ 3,400.

Bearish scenario:

  • We need continued negative consolidation and a price drop below $ 2,600.
  • Then we ask for the first support at $ 2,500, and if it doesn’t last, we go down to $ 2,300, last week’s minimum.
  • A break below would probably bring us down to January support at $ 2,200.
  • And if the crisis in Ukraine continues, there is a possibility that the price of Ethereum will then see $ 2,000, and maybe lower.

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Market overview

As there are still fears that Russia could turn to cryptocurrencies, Lagarde hopes to block them.

Despite speculation, several experts believe that Russia’s move is either unlikely or unsafe.

According to reports, the European Central Bank president has called on the EU to ratify crypto regulations. As sanctions against Russia pile up, there are still fears that the nation could turn to cryptocurrencies.

Christine Lagarde, president of the European Central Bank, called on lawmakers in the European Union to speed up efforts to pass crypto-regulation. The idea is that it would empower law enforcement agencies, financial institutions, and even crypto companies to take active steps to ensure that Russia does not circumvent economic sanctions.

Lagarde said: “Whenever there is a ban, there is a mechanism for a ban boycott; there are always criminal ways to try to circumvent the ban.”

In response to Russia’s aggression on Ukraine, all NATO allies have imposed sanctions on the energy giant in an attempt to reconsider Putin’s efforts in Ukraine. French Foreign Minister Jean-Yves Le Drian said the goal was to “stifle the Russian economy.” In addition to the EU, six countries, including the United States, have imposed sanctions on Russia against military supplies, their banks, the oil sector, and the oligarchs.

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