Bitcoin, Ethereum and Dogecoin chart overview

Bitcoin chart analysis

At the beginning of the week, the price of Bitcoin formed higher low on the chart, which was a sign that we could see a recovery in the price and climbing to higher values.

After two days of consolidation until this morning, we had a strong bullish impulse that raised the price of bitcoin above $ 42,000. On a daily basis, the jump has been 9 percent since the start of the day. If the current bullish momentum continues, our next target is the previous resistance zone at $ 45,000. When the price fell below $ 45,000 at the beginning of the year, after that, we did not have a concrete break above and returned to the bullish trend.

For the bearish option, we need a negative consolidation and withdrawal to the previous support zone of $ 37,250-39,000. If this support does not last, the next one is waiting for us on the lower trend line, in the zone of 35000-36000 dollars.

Ethereum chart analysis

Similar to Bitcoin, the price of Ethereum has jumped from $ 2,580 to $ 2,740. On March 7, the price formed a new higher low, and after that, we have this bullish impulse. Our current hurdle is the $ 2800 level and the MA200 moving average is around $ 2840-2850. MA20 and MA50 support us after this morning’s price break.

Our first bullish target is the upper trend line in the $ 2950-3000 zone. Break prices above would certainly boost bullish optimism for the sequel.

The next potential resistance is at the $ 3,200 high of February 17.

For the bearish option, Ethereum needs to form a negative consolidation and withdraw the price below $ 2,700. After that, we are looking for support on the lower trend line in the zone of 2400-2500 dollars.

Dogecoin chart analysis

The price of dogecoin started its bullish rally last night at 0.1160. The price reached its daily maximum, stopping at 0.1240.

In the meantime, we received support in the MA20 and MA50 moving averages. A new minor pullback has stopped at 1.1210, and we now have a potential new bullish start. Our first resistance is at the 0.1250-0.1260 zone together with the upper trend line and MA200 moving average. If the price breaks above, we expect the next resistance at 0.13000, then 0.13500 and 0.14000.

For the bearish option, we need a new negative consolidation and a price withdrawal below 0.12000. Additional support at that level is in our MA20 and MA50 moving average. Our next potential support is the previous low at 0.1160, then 0.1140.

Market overview

The EU confirms that cryptocurrencies will be included in sanctions against Russia as ‘transferable papers’. The European Commission confirmed on Wednesday that it will expand the scope of its sanctions against Russia and Belarus in light of the ongoing conflict in Ukraine, adding details on the classification of cryptocurrencies.

The EU bloc said the cryptocurrency falls within the “transferable securities” scope, a classification not in the draft EU regulation on cryptocurrencies. These regulations, known as the MiCA, will be voted on by a key board next week following a delay last week.

The statement also confirmed the common understanding that loans and credits could be given in any way, including cryptocurrencies.

Last week, EU finance ministers and other officials discussed the move amid growing concerns that cryptocurrencies could be used as a backdoor to transfer money to and from Russia. At the time, many large crypto companies pledged to comply with sanctions, resisting calls for universal bans.