Bitcoin and Ethereum on crucial supports

Bitcoin chart analysis

The price of Bitcoin this morning fell again to the lower support zone to $ 41,000. It consolidated very quickly and climbed to the current $ 41,150. For now, we can expect the price to continue to recover today.

Bullish scenario:

• We need more concrete positive consolidation that would push the price above moving averages, and our goal is the previous zone to $ 44,000.
• Then we further encounter resistance in the zone around $ 46,000, where the MA200 moving average awaits us.

Bearish scenario:

• We need a negative consolidation that would bring us down to $ 40,000.
• Then further bearish pressure may push the price further below this potential support zone.
• The next major psychological support is only $ 30,000.

Ethereum chart analysis

The price of Ethereum continues its bearish trend. After the price climbed to $ 3400, it encountered resistance at that level, and again we see the current pullback to $ 3000. New pressure on this psychological level could add a new number of sellers, who could lower the price below this level.

Bullish scenario:

• We need a new positive consolidation, which would take us away from the current support zone to $ 3,000.
• Our first resistance zone is at $ 3400, this year’s resistance.
• We are very close to the MA200 moving average and the upper trend line if the price breaks above.
• The break above us leads to the next resistance at $ 3600, and our next one is $ 3800.

Bearish scenario:

• We need continued negative consolidation and a price drop below $ 3,000.
• Then we have to pay attention to how the bearish pullback of prices will take place.
• The next potential support is in the $ 2600-2800 zone, the place of the price movement from September and October last year.

Market overview

Galaxy Digital Research statistics give us concrete evidence that Bitcoin mining is an attractive, profitable industry. More and more companies engaged in Bitcoin mining are listed on the stock exchange. The sheer number of bitcoin mining companies listed on the NASDAQ proves that Wall Street can no longer be indifferent to the market’s attractiveness. In just two short years, along with the upward trend in the price of Bitcoin, the number of companies engaged in Bitcoin mining has increased. In the first quarter of 2021, there were six companies. To date, there are 16 companies. This number will double by the first quarter of 2022.

According to a Tom Hardware report, technology giant Intel is ready to enter the Bitcoin mining business, starting with unveiling the new Bitcoin mining chip “Bonanza Mine” at this year’s International Solid State Conference (ISCC) in February. Intel has reportedly prepared a presentation introducing the new Bonanza Mine chip, which has been described as an “ultra-low voltage energy efficient ASIC for Bitcoin mining.”

In December, when discussing the company’s GPUs for gaming, GM Raja Koduri told Intel Gaming: “I think blockchain is a transaction that runs much more efficiently than burning hardware cycles,” adding that “it’s something we’re working on.”

This news, however, represents a significant turnaround in the bitcoin mining industry for the technology giant.

Bitcoin mining is responsible for approximately 137 terawatt-hours of energy consumption per year, which means that Bitcoin consumes more energy than most countries, According to the latest data from the Cambridge Bitcoin Electricity Consumption Index.