Bitcoin and Ether Market Update March 18, 2021
Total crypto market cap added $97 billion to its value for the period since Monday and now stands at $1,790 billion. The top ten coins are all in green for the last 24 hours with Cardano (ADA) and Chainlink (LINK) adding 15 and 7.4 percent to their values respectively. At the time of writing bitcoin (BTC) is trading at $58,150 on the Bitstamp daily chart, ether (ETH) is hovering around $1,800.
Bitcoin reached a record all-time high on Saturday, March 13. The coin successfully hit the $61,780 mark flying on the wings of the latest US stimulus package agreement. The coin closed the trading week slightly lower, at $58,960, but still added a fresh 15.7 percent to its market cap.
The new seven-day period started with another leg down on Monday. The BTC/USD pair formed a second straight red candle on the daily chart and ended the session at $55,694, temporarily moving below the horizontal support established near $55,000.
The price of bitcoin plunged below the 20-day EMA and almost broke below the lower boundary of the uptrend corridor on Tuesday morning.
Still, buyers were able to take control of the situation and avoided further decline. BTC eventually reversed the direction of the trend and closed in green at $57,000.
The financial world was looking forward to the outcome of the Federal Open Market Committee, but the regulator decided to keep the current policies unchanged, which added some fuel to the cryptocurrency market engine. The mid-week saw the biggest digital asset jumping to $58,820 after trading as low as $54,100 during intraday.
BTC is stable above the $57,500 S/R line on Thursday morning, but its still struggling to surpass the weekly open mark.
The Ethereum Project token ETH ended the previous week with an 11 percent of price increase. The coin hit the $1,940-$1,960 resistance zone on Saturday, which stopped it from printing a new all-time high and 24 hours later dropped to $1,845 or right below the next major S/R area.
On Monday, March 15, the session was extremely volatile, jumping up and down the support zones. It registered a daily low of $1,730, right at the 20-day EMA and although it recovered to $1,730 in the evening part of the session, the correction resulted in a 3 percent loss for ETH.
The bear pressure reached its highest point on Tuesday when the ETH/USD pair broke down to $1,710 losing the short-term EMA and the diagonal support (as part of the uptrend channel). It quickly reclaimed positions above those indicators and even closed the day in green by stabilizing near $1,805.
The mid-week session on Wednesday was an extension of the good performance from the previous day and the ETH/USD pair moved up to $1,822, but not before hitting the weekly open at $1,840.
The coin is not able to break the resistance formed near the mentioned level on Thursday morning and is drawing a pattern similar to a Head and shoulders formation on the 4-hour chart.