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Bitcoin and Ethereum are up today

Bitcoin chart analysis

The price of BTCUSD fell to $ 37,250 last night, forming a new low this month. After that, we have the current price recovery at $ 39,000. Bearish pressure is still evident due to the situation in Ukraine. Investors are still on the sidelines and are waiting for a better situation for new investments in cryptocurrencies.

Bullish scenario:

  • We need to continue this small positive consolidation and make a break above $ 40,000. This level has been an obstacle for us since Friday.

  • If BTC consolidates better and breaks above $ 40,000, our next resistance is $ 41,000.

  • Additional resistance at that level is our MA50 and MA200 moving average.

  • In the continuation, the next resistance is at 42,000 dollars, then the zone 44,000-45,000 dollars.

Bearish scenario:

  • We need continued negative consolidation and a price drop below $ 38,000.

  • We will test the previous low again at $ 37,000.

  • Break below the descent further towards the support zone at $ 35,000 and the lower trend line.

  • If the price continues to plummet due to increased bearish pressure, our next potential support is this year’s low of $ 33,000-34,000.

btcusd-20220308 Ethereum chart analysis

On Monday, the price of ETHUSD fell to 2,444 dollars. After that, we have a recovery to the current 2,600 dollars. The price is currently calm, and we need a break above to expect to see it at $ 2800. In the zone, around 2,800 additional resistances can be MA50 and MA200 moving averages. The main bullish target on this time frame is the upper falling trend line at $ 2,900.

If we look at the bearish scenario, we need a further pull of the price down to the bottom trend line and a $ 2,400 level. Break below the bottom trend line, leading us to $ 2,300 support, and if it doesn’t hold up, we move on to this year’s support zone of around $ 2,000.

ethusd-20220308

Market overview

The U.S. government is finally heeding calls for clarity in digital asset regulations. Reports suggest President Joe Biden should sign an executive order instructing federal agencies to begin a detailed study of cryptocurrencies.

The presidential order could finally arrive this week. The plan is for everyone to reach out to ensure regulatory oversight for the crypto industry, White House sources said.

The Biden administration intends to set a 180-day deadline for a series of reports on the future of money in the United States. These reports would cover potential regulatory changes that need to be made for cryptocurrencies.

In addition, the agencies will have the task of examining the national security and economic impact of bitcoin and cryptocurrencies on the United States and their allies.

Speculation about the order intensified in February when the United States began considering imposing crypto sanctions on Russia, currently attacking Ukraine.

The Ministry of Finance, which is also among the agencies involved, has been campaigning to curb the cryptocurrency industry for a long time. Last week, Finance Minister Janet Yellen revealed that the crypto is being closely monitored to avoid sanctions by Russia.

In addition to preventing the avoidance of sanctions, the order seeks to end the use of cryptocurrencies in ransomware and cybercrime.

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