Crypto Market Analysis and Updates | March 19-21

byZero Gravity/March 21, 2022/inCrypto Market Updates, Crypto News, News

Round-up of most interesting stories from the crypto world, as well as, its technical analysis.

Bitcoin Analysis

During the weekend, Bitcoin kept moving sideways and also attempted to clear the crucial resistance level at $42,500. However, it failed and started a downside correction after forming a high near the $42,400 zone. The price has now declined below the $41,500 and $41,200 support levels and the 100-hour SMA. Moreover, the cryptocurrency formed a key bullish trend line on the chart with support at $41,550.

Currently, BTC/USD is testing the 50% Fib retracement level of the upward move, wherein the first resistance is at $41,000 level.

On the upside, Bitcoin is facing resistance at $41,200, which if it is able to break successfully, can push its price towards the $42,000 level. On the downside, the first support is at $40,500 zone, the second at $40,000, and if both get broken, could start a sharp decline in the price towards the $38,500 level.

Ethereum – Market and Technical Analysis

Over $1.61 billion worth of ETH tokens is out of the market, as per the data from Glassnode. The exodus has reduced the net Ethereum balance to 21.72 million ETH on crypto exchanges; the lowest levels since 2018.

Source: Glassnode

This move is believed to be in response to the upcoming transition of Ethereum from PoW to PoS with ETH2.0, as holders expect a price rally. The merge is inching closer as the network launches its last multi-client testnet Kiln and the deposit contract has surpassed more than 10 million ETH tokens.

Source: Beaconcha

The technical chart of Ethereum suggests that the cryptocurrency kept moving sideways during the weekend and failed to clear the resistance at $3,000 as sellers continue to defend this level. RSI indicator has also surpassed its previous swing high resistance and triggered an uptrend to the 64.71 mark, while the 50 DMA line suggests bulls will continue to defend the $2750 mark.

Currently, the second-biggest virtual asset by market cap has two resistance levels – at $3,000 and then at $3400. However, if it is to start a downtrend, the immediate support level is at $2850 and then at $2741.

Regulatory Updates

Australian lawmaker, Andrew Bragg, has proposed the Digital Services Act (DSA) legislative package in an attempt to lay the groundwork for a new cryptocurrency ecosystem for the country. The legislative proposal calls for crypto custody, market licensing, DAOs (Decentralized Autonomous Organizations), taxes, and debanking.

The US Treasury has released a report, noting that fiat currencies are still a major choice for financial crimes than cryptocurrencies. However, the report also touches upon the increased utilization of cryptocurrencies as payments for online drugs, money laundering, and avoiding sanctions.

A US Senator, Elizabeth Warren, introduced the “Digital Asset Sanctions Compliance Enhancement Act” on March 17, which if made into law, would require more action from crypto exchanges on Russian users. However, the bill has drawn constructive criticism from industry players due to its complex language and sweeping definitions. Here is a tweet from Coinbase’s Head of US Policy:

In an ongoing dispute with Ontario’s financial regulators, Binance has reportedly shut down the state’s users from its platform. Following the clampdown, the exchange has committed not to open accounts for Ontario users, as well as, halt trading and wave/pay fee for some of the users.

Disclaimer:

The information discussed here is not financial advice. This is for educational and informational purposes only. DYOR before making any investments and consult your financial advisor. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

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; Cointelegraph @Cointelegraph ·

8 May 1655644988175437824

According to a report from The Wall Street Journal, Chinese companies are studying methods to develop AI via weaker semiconductors and combinations of chips to bypass reliance on a single type of hardware.

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; The Founding Monkey @Gav_Berry ·

29 Apr 1652281882002718720

People seem to be forgetting that BTC.D generally increases in a bear market not a bull market.

In bull markets Alts out-perform #bitcoin and in bear market Alts capitulate harder than #Bitcoin

Don’t be so sure that an explosion on BTC.D means an explosion for #Bitcoin

99.9%… https://twitter.com/i/web/status/1652281882002718720

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649391607798480897

Research shows that only a few #NFT projects will survive, those with Utility and those that are building vigorously throughout the Bear Market.

Fortunately we very much tick both of these boxes.

#Crypto Twitter, you have been warned on multiple occasions.

Tag your friends… https://twitter.com/i/web/status/1649391607798480897

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649384569567625216

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; 🐒The Social Monkey🐒 @G_DMMC_83 ·

17 Apr 1647998662629261312

@crypto_bitlord7 @Gav_Berry is a 💎

Never fade @DrunkenMonkey

Very big things are already here, not all professionals are aware of the services owning a membership has.

Yet

I’m surprised you don’t own a few digital assets to be fair bro

🌍 http://www.drunkenmonkeyclub.com

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; The Founding Monkey @Gav_Berry ·

16 Apr 1647705698040414212

As this bear-market rally finally comes to a close, we have one last episode, and that is the bear market Alt season…

Stables > #Bitcoin > #Ethereum #Altcoins > Stables….

Remember the pattern…

Tight stop-losses, Let’s go 🚀

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; The Founding Monkey @Gav_Berry ·

4 Apr 1643345006214762502

ETH 2.0 Shanghai upgrade (Thread)

Liquidity Staking Derivatives (LSDs)

Here is the story - (1)

Most will be aware of the #ETH 2.0 and the #Shanghai upgrade which comes to fruition on April 12th. 18 million ETH will become unlocked on April 12th, will this cause a sell-off?… https://twitter.com/i/web/status/1643345006214762502

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; Pomp 🌪 @APompliano ·

1 Apr 1642261068012564482

True entrepreneurs can figure out how to make money in any industry

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642217548966969344

Your typical #Crypto #FuckedBoy

Tag a friend… 🫴🏼

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642209366043492362

The last time #Bitcoin tested the $29,000 resistance level on quarterly closing was Q4 2020.

The last time USDT.D had a bearish engulfing quarterly candle, taking out the 2 previous quarters, was (you guessed it) Q4 2020.

On both occasions this USDT.D bearish engulfing candle… https://twitter.com/i/web/status/1642209366043492362

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Crypto Prices

Bitcoin

$27,143.11

BTC 0.14%

Ethereum

$1,904.63

ETH 0.75%

Binance Coin

$306.21

BNB -0.22%

Cardano

$0.38

ADA -0.03%

Dogecoin

$0.07

DOGE 0.72%

XRP

$0.52

XRP 1.69%

Polkadot

$5.29

DOT 0.65%

Uniswap Protocol Token

$5.08

UNI 0.38%

Solana

$21.18

SOL 0.14%

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Crypto Market Analysis and Updates | March 19-21

Round-up of most interesting stories from the crypto world, as well as, its technical analysis.

Bitcoin Analysis

Ethereum – Market and Technical Analysis

Regulatory Updates

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