Cryptocurrencies Flourish as Rebound Turns to New Uptrend: BTC and ETH
- Bitcoin could hit $45K in the next 24hrs if the current momentum persists.
- Ethereum contemplates another 12% surge as bulls target $3,500.
- Altcoins go green amid improved market sentiments.
Bitcoin and other cryptos enjoy calm actions as tailwinds manage to thrive without interruption from developments about Russian Ukraine. Markets seem to adjust to the geopolitical conditions. Market players can expect further upside as most cryptos see the best week of 2022.
Bitcoin Still Eyes Higher Highs
Bitcoin price experienced its 3rd successful day as the minor rally turned into an uptrend. The vital thing remains where Bitcoin will ensure its weekly close as multiple short squeezes need to weaken bears and breakouts running short-sellers stops. The RSI remains far from the overbought area despite being raised. That provides bulls enough incentive to keep purchasing BTC.
Bitcoin seems primed to touch the 3 March highs of $44,088 today. Achieving that will open the doors for new monthly highs in the coming week. Such bullish elements should trigger a 24hr close beyond $44,088.73. Testing this level as support will catalyze inflows from market participants and offer the needed strength to pump towards $45,261.84, overcoming $45K.
A risk attitude emerges from today’s joint meeting in Brussels, with US President Joe Biden meeting EU leaders, G7, and NATO. The summit might see a restriction on gas and might shake the financial spectrum if European Union decided to ban Russia as a gas supplier. Such developments might intensify Russia’s vengeance in Ukraine. That means moving to risky mode again, with BRC plummeting towards the $39,780.68 support.
Ethereum Eyes $3,500 Following a Close beyond $3,018.55
Ethereum targets further upsurges after bulls forced a 24hr candlestick close beyond $3,018. However, the ETH price faded briefly towards the $3,018.5 mark. However, the downward move meant another opportunity for new investors and bulls to join the market. However, Ethereum will embark on steady actions, ensuring long-term uptrends.
Ethereum needs a support level near $3,018.55. Improved international developments can send the alt toward $3,200, then $3,391. That depends on global headlines. That can see the alt forming new monthly peaks.
Nevertheless, ETH losing grounds at $3,018.55 might attract a bearish regime. That might take ETH lower to $2,835.83, a monthly pivot, and 21 March low. More downtrends will drag Ethereum towards the 55-day SMA at $2,808.84.
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