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The crypto market managed to achieve some stability on March 23 as prices recovered from a previous decline. According to CoinMarketCap data, the total market value increased by 0.64%, reaching $2.45 trillion, entering a highly volatile market phase. So, what can be expected for Bitcoin and Ethereum during this period? Let’s examine the notable data and key levels.
Bitcoin Chart Analysis
Bitcoin‘s price has continued to trade within a narrow range over the past 24 hours, maintaining its volatility level. However, the chart drawn by the Commodity Channel Index (CCI) indicates a period of indecision among both bears and bulls. The negative reading of the CCI data points to an underlying bearish dominance. On the four-hour chart, the reading of the Moving Average Convergence Divergence (MACD) data is positive, thus overshadowing the CCI signal in this area.
However, the long (orange) and short (blue) EMA data displayed on the MACD are below the zero midpoint. This highlights the cautious investor behavior with buyers and sellers staying on the sidelines. From a broader perspective, this could direct Bitcoin into a week-long consolidation phase, with its price potentially trading between $63,649 and $64,982.
Yet, increasing trading activities could alter this forecast. With an optimistic outlook, Bitcoin could rise towards $68,695, while intense selling pressure could bring its value down to $61,650.
Ethereum Chart Analysis
The ETH/USD pair on the four-hour chart reflects a dominant neutral position, trading at $3,323. At the time of writing, the Relative Strength Index (RSI) is slightly below the middle line, around 42.10. This significant data indicates a slight bearish pressure that could pull down the Ethereum price.
However, a price drop for Ethereum could be great for investors looking to buy the altcoin at a discount, as the Supertrend is giving a buy signal at $3,201. If the Ethereum price drops to this point and buying pressure emerges, a recovery towards $3,833 could occur. On the other hand, a lack of buy orders in the order book could lead to surrender, and Ethereum’s price could fall further.
