Bitcoin and Ethereum new price withdrawal

Bitcoin chart analysis

The price of Bitcoin is turning again, and the current obstacle is the price of $ 44,000. After reaching $ 44,000, there was a new price withdrawal to the current $ 42,460. Again we are revolving around MA20 and MA50 moving averages. Bearish pressure has increased, and we are now monitoring the situation to see if the price will find support or slide further down.

Bullish scenario:

• We need positive consolidation that will redirect the price towards the above targets.
• Then we have to test the resistance again at $ 44,000.
• The price should then continue to recover with the support of MA20 and MA50.
• If it succeeds in that, our next target is a zone around $ 46,000, and additional resistances in that zone are the MA200 and the upper trend line.

Bearish scenario:

We need to continue this negative consolidation and withdraw up to the $ 42,000 support zone.

• Then we get MA20 and MA50 on the bearish side, and based on that, we expect further continuation towards lower targets on the chart.
• The psychological podium awaits us at the $ 40,000 level.

Ethereum chart analysis

The price of Ethereum has so far met with resistance at $ 3400. After reaching that level, she set out to withdraw the current $ 3,254 for one ETH. Now we are watching how the price will behave around MA20 and MA50 moving averages, i.e., whether it will break below or consolidate and start another bullish attempt.

Bullish scenario:

• We need a new positive consolidation, which with the help of MA20 and MA50, would push the price towards a further test of the $ 3400 resistance zone.
• If the price breaks above, our next potential resistance zone is $ 3500-3600 with additional resistance in the upper trend line.

Bearish scenario:

• We need a negative consolidation that would bring us below both moving averages.
• Then we ask for the first support at $ 3,200, and if it doesn’t last, we continue to the next one in the zone around $ 3,000. This psychological level at $ 3,000 could break the bearish trend.
• A break below would open up new minima this year for the price of Ethereum.

Market news

India will launch its own BTC and ETH ETF.

The two Indian companies have teamed up to offer investors the first futures contracts based on the two largest cryptocurrencies — Bitcoin and Ethereum.

In addition to digital asset-based futures, the two companies plan to offer Metaverse certificates with large capital on the U.S. stock market. This ETF for BTC and Ether gonna be the first fund traded on a stock exchange with futures contracts to be launched outside the U.S.

Torus will provide liquidity and smart targeting for India INX. Also, he will be involved in distributing crypto ETFs.

Torus aims to reach $ 1 billion in assets it will manage in the first few years, provided by clients who will invest in ETFs and discount certificates.

According to India INX CEO V. Balasubramaniam, his company has already applied to the International Financial Services Authority (IFSCA) under the Regulatory Sandbox.

He also assured that ETFs based on emerging crypto assets would be created and introduced in full compliance with Indian legislation when regulators give their approval.