Bitcoin and Ethereum at current resistance

Bitcoin chart analysis

The price of Bitcoin has again encountered an obstacle at $ 45,000, and now we are seeing a new price hike again. The price has dropped below $ 44,000 again, and if the bearish pressure intensifies, we will see a further retreat towards previous supports. Our first support is at $ 42,000, with additional potential support for the MA20 moving average.

If the price continues on the bearish side, our next possible support is the psychological level at $ 40,000. Additional support in that zone is our MA50 and MA200 moving averages, which could interrupt the further withdrawal of the bitcoin price. Some maximum price drops can be up to $ 36,000 and the lower trend line.

Conversely, if the price of bitcoin breaks above $ 45,000, then we can expect the price to rise above $ 46,000. Our next upper resistance is $ 48,000, then the psychological level at $ 50,000.

Ethereum chart analysis

Ethereum’s price jumped from the bottom of the demand zone to $ 2,567 and rose by approximately 12 percent to reach a high of $ 3,045. The move also broke the MA200 moving average, establishing a bullish outlook.

In the future, investors can expect the price to retest the MA200 moving average and move into the daily supply zone, which stretches from $ 3,200 to $ 3,400. Any move outside the supply zone is unlikely and will require a huge increase in buying pressure.

In a very bullish case, growth for ETH could be limited to $ 3,600.

A break below the MA200 moving average will reveal weakness among customers. In this situation, ETH could return to the daily demand zone, ranging from $ 2,200 to $ 2,500.

The breakdown of this support area will nullify the bull thesis for ETH and open the door to bears.

Market overview

The global alternative investment company Citadel plans to enter the crypto asset markets in 2022.

Citadel founder Ken Griffin has changed his anti-crypto attitude, withdrawing criticism of Bitcoin.

U.S. Securities and Exchange Commission records revealed a growing capital inflow from institutional investors in cryptocurrencies in 2022.

The price of bitcoin has seen double-digit growth amid a recovery in cryptocurrencies across the market over the past week.

The total capitalization of the cryptocurrency market now exceeds $ 2 trillion. Bitcoin recorded double-digit profits, recovering from bloodshed. The bitcoin price exceeded $ 44,000, which boosted the bullish outlook among investors.

FXStreet analysts estimated the trend in bitcoin prices and predicted that the assets could reach $ 50,000. They believe that the price of bitcoin is on the way to reaching $ 50,000 and that the growth trend could continue during the week.