Bitcoin and Ethereum in profits at the end of the week

Bitcoin chart analysis

The price of Bitcoin managed to climb to 45,000 dollars for the second time this month. On February 24, Bitcoin visited this zone 3 times but failed to stay above. We have always had a retreat to lower levels of support. The price below did not form new lower lows and based on that, and we expected to see a continuation of the bullish trend. Now we need a break of at least $ 46,000 and a consolidation that would be able to form a new zone of support here. Our next bullish target is the $ 48,000 level, and the main target on this time frame is at $ 52,000, the previous high of December 27. For the bearish option, we need a new pullback and negative consolidation. The first major support is priced at $ 42,000, with additional support in the MA50 moving average. The MA200 is in the $ 40,000 price zone. A break below these moving averages could bring us down to $ 38,000, the March support zone. The March low is at $ 37,200.

Ethereum chart analysis

The price of Ethereum continues its bullish trend, climbing to the $ 3,200 level. We are still a little short, and it is currently at $ 3180. If this bullish impulse continues, our next target is at $ 3,400, the previous high of January 13. For the bearish option, we need new negative consolidation and pullback prices down to $ 3,000. We have additional support in the MA20 and MA50 moving averages at that level. The price break below opens up an empty space of up to $ 2,800 support with MA200 moving average support. Depending on the bearish pressure, the support price is in the zone of around $ 2,500.

Market overview

Deribit, one of the largest platforms for crypto derivatives, stated that the options expired earlier today at eight this morning. 72 BTC contracts with a nominal value of $ 3 billion and 728 ETH contracts with a nominal value of $ 2.2 billion have expired, the stock exchange said. That makes it one of the biggest expiration options ever, with more than $ 5.2 billion.

It is the last Friday of the month, so CME futures on bitcoin paper on Wall Street also expire later today at 4 pm London time. The amount also rose to 106,520 bitcoin-equivalent contracts exchanged on Tuesday, worth about $ 4.8 billion in just one day. Sometimes bitcoin falls by 5% -10% earlier in the week in anticipation of closing the contract. It rose this week after months of sticking to that fall rule.

However, this does not necessarily have any predictive power, but many contracts will have to be closed and renewed. They can exert some pressure during that closure, paving the way for many purchases after expiration.

According to DeFi applications and blockchain tracker DeFiLIam, the total value of funds locked on the Ethereum network has risen from approximately $ 107 billion to $ 121 billion in the last ten days.

Alternative networks such as Cardano and Solana are also facing a massive increase in DeFi solutions. Cardan’s TVL set a new all-time record after the release of another major project in the Minswap chain. TVL of the network currently amounts to 310 million dollars.

Since Ethereum holds the largest number of DeFi applications on its network, traders and investors can choose them over traditional holding or active trading on centralized exchanges.

In addition to the increasing popularity of investment options, cryptocurrency enthusiasts have become more cautious in keeping digital assets on centralized exchanges because they can block or seize users ’assets to comply with the laws of the countries in which they operate.