Bitcoin, Ethereum and Dogecoin price analysis

Bitcoin chart analysis

After the price of Bitcoin managed to climb to 45,000 dollars on Wednesday, we see that it is now in a new bearish trend and retreating towards 40,000 dollars. The crisis in Ukraine is still in effect and is distracting investors from risky investments such as cryptocurrencies.

Bullish scenario:

• We need positive consolidation and price growth above $ 42,000.

• After that, we can expect the price to continue further to the previous resistance zone at $ 45,000.

• A break above would take us further up to $ 46,000.

Bearish scenario:

• We need negative consolidation and a price withdrawal below $ 41,000.

• Additional support at that level is our MA50 and MA200 moving averages.

• Break prices below us to $ 40,000, and if that zone doesn’t hold up, then we can expect a further drop to $ 38,000.

• Our next target and support may be the $ 35,000-36,000 zone on the bottom trend line, depending on the bearish pressure.

Ethereum chart analysis

The price of ethereum is also in a bearish trend, after jumping to $ 3040 on March 2. Since then, the steep drop in price is 10% to the current $ 2,700. ETH has retreated below all moving averages, and we are now looking at previous support zones.

Bullish scenario:

• We need new positive consolidation and price growth above $ 2,800.

• Then we climb to the previous resistance zone at $ 3,000.

• Additional support can be moving averages by switching to the bullish side.

• Our following targets are the $ 3200 level and the $ 3280 high from February.

Bearish scenario:

• We need to continue this negative consolidation and further raise the price to the $ 2600 level.

• The next support is waiting for us in the $ 2,400 zone, and if it doesn’t last, we will move on to the $ 2,200 support zone in January.

Dogecoin chart analysis

The price of Dogecoin follows the movement of major cryptocurrencies, retreating from a maximum of 0.140000 since March 1; we are now at 0.12630. Moving averages increase the bearish pressure again by switching to the bearish side. Our previous support was at 0.12000, and now there is a good chance that we will test it again and even continue towards the February minimum at 0.11100. We need a jump in prices above the MA20 and MA50 moving averages for a potential recovery. And only then can we expect a possible recovery and break above the MA200 moving average and 0.140000 price.

Market overview

Bitcoin can be seen as a safeguard for investors. The cryptocurrency was traded in Russia earlier this week at a 40% premium, while citizens were looking for a way to preserve value amid sanctions, cryptocurrency research company Delphi Digital said in a daily report. The offer of “active” bitcoin, or the amount of bitcoin moving between addresses in 24 hours, increased to about 565,000 BTC.

“This is the highest level seen in more than a year. Only two events recorded greater activity: Black Thursday in March 2020 and May 2020, according to Delphi analysts. The supply of bitcoin at smaller addresses (0.001 – 10 BTC) experienced a sharp increase, resulting from a capital flight from the ruble to bitcoin.

Nigel Green, CEO of financial services company deVere Group, said in a note to clients earlier this week that bitcoin could reach $ 50,000 by the end of March.

“The situation between Ukraine and Russia has caused significant financial turmoil, and individuals, businesses and indeed government agencies – not only in the region but around the world – are looking for alternatives to traditional systems,” Green said.