Weekly market recap (from Feb 27th to Mar 4th)
BTC and ETH continue to perform strongly, with BTC coming close to reaching ATH last week. However, most tokens on the market continue to fluctuate, and only meme coins follow the pace of BTC. We noticed that during last week’s rise. However, BTC and ETH both experienced significant increases, and tokens with derivative properties of BTC and ETH, such as ORDI, RATS, OP, and ARB, generally performed during this cycle. We believe that this situation may be caused by the short-term supply and demand relationship surpassing value investment. Recently, the increase in staking points projects such as Merlin, Babylon, and Eigenlayer is likely to increase the short-term demand for BTC and ETH.
BTC
BTC continues to move closer to an all-time high after quickly breaking through the given resistance. Over the last week, the length and volume of the green candles have grown significantly, with almost no noticeable pullback at the daily level.
After BTC broke through 52000, we saw the emergence of whales. During the rise, blue columns appeared in groups on the WTA indicator, supporting BTC to 62000. Although it subsequently decreased, no destructive candles appeared. The ME indicator continues to maintain its bullish trend.
At the 4h level, we can see that the blue bars representing whales appear on almost every rise. This is good. The ME indicator also maintains a bullish trend at this level.
To sum up, we believe that BTC’s bullish trend is not over. Therefore, we raise the resistance level to 69000 and the support level to 60000.
ETH
After ETH broke through the given resistance level, it continued to rise at a fixed slope, and the strength of the bulls surpassed that of BTC. Trading volume remained at average levels.
Judging from the WTA indicator, ETH whales have not increased significantly like BTC, which is consistent with the previous rise. The ME indicator maintains its bullish trend.
Similar to the BTC situation at the 4h level, the blue columns representing whales participated in the recent rise. The ME indicator continues to maintain its bullish trend.
In summary, we believe that the bullish trend of ETH has not ended, and the stable rise has established a foundation for the pump. So we raise the resistance level to 4000 and the support level to 3300.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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