Bitcoin (BTC) and Ether (ETH) Technical Analysis for March 12, 2022

As prices in the cryptocurrency market continued to consolidate today, Ether (ETH) traded close to the $2,550 support level again on Saturday. After the gains recorded on Tuesday, uncertainty over market prices led to sideways consolidation in the cryptocurrency markets in general, and BTC and ETH in particular.

Bitcoin (BTC) Technical Analysis

Bitcoin (BTC) is the most valuable cryptocurrency, trading below $40,000 at the start of the weekend. At the time of the news, BTC prices were up nearly 1%.

BTC/USD fell to $38,432 after Saturday's previous high of $39,510 and is now trading at $39,115. While the high was $40,300 when the technical analysis was prepared, it is currently trading $1,000 below that level.

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When we look at the 14-day RSI K-chart for Bitcoin, we can see that it is 47, which means it is below the resistance level of 48.12.

Bitcoin bulls are waiting for this level to break into BTC, similar to the action they took after the news of President Joe Biden's executive order signing announcement on March 8. The BTC price seems to be holding consolidation as long as the price does not rise or fall significantly.

Ethernet (ETH) Technical Analysis

Ether (ETH) is trading very close to the $2,550 support level of the past few trading sessions. After Friday's high of $2631, ETH/USD is seen as continuing to strengthen on the short side, pushing the price down to $2536. By comparison, ETH is currently trading at $2568, still 1.41% below yesterday's high.

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As seen in the 10-day and 25-day moving averages, the price momentum for cryptocurrencies continues to trend downward. However, the continuation of this price trend helps it to be at levels that can produce a decline or an increase in the opposite direction. If long sentiment strengthens, a rapid rise could be seen.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Each investment decision is the responsibility of the individual. Finally, Koinfinans and the author of this content are not responsible for individual investment decisions.