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With today’s drop in the cryptocurrency market, significant selling pressure emerged, especially for Bitcoin and Ethereum. This decline accelerated the liquidation process in the futures market, causing substantial losses for many investors. What can be expected for Bitcoin and Ethereum? Detailed chart analysis and important support and resistance levels.
Bitcoin Chart Analysis
In the daily Bitcoin chart, the narrowing wedge formation has been prominent in recent weeks, and the resistance breakout worked positively. The level of $71,300, which could not be surpassed in the last week of March, came up again and faced selling pressure. With today’s decline, investors need to be more cautious.
The most important support level to watch in the daily Bitcoin chart is $66,205, which coincides with the formation resistance line. A daily bar close below this level could increase the selling pressure on Bitcoin.
The most important resistance level to watch in the daily Bitcoin chart is $69,667, which has recently caused significant resistance pressure. A daily bar close above this level could bring the upward scenario back into focus.
Ethereum Chart Analysis
In the daily Ethereum chart, a consolidation process emerged with the breakout in the triangle formation. During this process, today’s selling pressure broke the Ethereum support level, disappointing investors. With this development, the EMA 200 (red line) average of $2,945 could come into focus on the chart.
The most important support level to watch in the daily Ethereum chart is $3,502. A daily bar close below this level could increase selling pressure and leave behind the optimistic process for ETF funds.
The most important resistance level to watch in the daily Ethereum chart is the EMA 9 (blue line) average of $3,689. A daily bar close above this level could cause the Ethereum price to gain momentum.
