Weekly market recap(from Mar. 2nd to Mar. 8th)
After reaching the resistance level last week, most prices of most cryptocurrencies began to fall and the contribution of ‘RUB Buyers’ all wiped out. Although Powell’s speeches in the House and Senate had no hawkish surprises, basically in line with the CME forecast: the high possibility of 25bp rate hike”, the strong U.S. NFP still exacerbated the decline in prices on Friday. The negotiations did not bring an end to the war and the regional crisis was turning into a long-term event. This week, we may witness the highest CPI. You also need to pay attention to the ECB interest rate decision during the energy shortage.
The price fell back to its previous low. The resistance level we gave in our last report was effective, the Feb. 28 pump did not bring additional bullish power, and the price pulled back as fast as they are rising. The price has remained in the range of (37000, 44500) from February to now, and it is hard to be broken. In the near term, the price is approaching the support level again and as the bearish power in the previous rise, the bullish power is starting to strengthen now.
Conclusion: Mostly fluctuation. We believe that the lower rail of the range formed in February is supportive. Taking into account the different motives for rising and falling, we reserve little possibility of price falling below the support level. So we lowered the resistance to 39400 and maintained the support at 37000.
Last week, we thought that although ETH had some distance away from its previous resistance level, it changed to fall with the strengthening of the bears and destroyed the support level at the weekend. The powerful support (2360) will be re-tested. Up close, the bearish power is stronger than BTC. The bulls and bears will make a fierce battle this week.
Conclusion: Mostly fluctuation. Though the bearish power is increasing over the weekend, the support below is also stable. Unlike BTC’s fluctuate in a wide range, ETH is likely to fluctuate in a narrow range above the support level. Based on this situation, we adjust the resistance level to 2670 and maintain the strong support level at 2360.
SOL started to fall after reaching the resistance level and broke the previous low. The situation is bad. After reaching the support level, you can see that the bulls are increasing, but not enough to hinder the attack of the bears. Even with the rebound on Feb. 24, the bulls looked very weak. The high point of each rebound is lower than the previous one.
Conclusion: Mostly falling. The price did not effectively break the last support at 81, so we kept it. If the price breaks through support these days, the next support is coming at 70 which we mentioned several times as a key level. Because of the poor performance, we lowered the resistance level to 90.
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 made 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.