Crypto Markets Contemplate Relief Rally – BTC and ETH Forecast

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  • Bitcoin still struggles in $36,400 – $46,200 without directional bias.
  • Ethereum plans to overcome its bearish outlook but is yet to succeed.
  • Alts ready for relief rallies before downtrends resume.

Bitcoin price recorded an impressive uptick ahead of the Fed Open Market Committee meeting on 16 March. However, the upsurge was brief and faded within no time, showing BTC might continue plunging before resuming noticeable upswings. Though ETH mimics Bitcoin, XRP and other alts might take advantage to register rallies.

BTC Price Tries a Swift Upsurge

Bitcoin has had its price tagging the demand territory at $36,398 – $38,895 many times and doesn’t display signals of overcoming the consolidation range. However, the coiling up by Bitcoin price actions will likely reveal downward moves if ongoing traditional markets’ developments deteriorate.

A daily candle close under $36,398 will violate the mentioned demand region, clearing the road to take Bitcoin lower towards the weekly support floor at $34,752, the final defense line. Losing these grounds will see BTC crashing towards $30K to gather liquidity beneath the mid-2021 equal lows.

Only a daily candle close beyond $52K will cancel Bitcoin’s bearishness. Such a move would see the bellwether crypto printing a higher, eyeing further upside.

ETH Tries to Avoid Bearish Fate

Ethereum formed three higher lows and lower highs, translating to a symmetrical triangle. This technical pattern predicts a 26% downswing to $1,962. Remember, the alt had breached the setup on 6 March, but the $2,541 weekly support prevented further lows from ETH. A decisive action beneath this area might be vital in ETH’s plunge to the psychological zone at $2,000 and below.

For now, bearishness remains Ethereum’s logical outcome. That way, any buying momentum resurgence will encounter challenges pushing higher. The resistance stretching between $2,762 and $3,524 will mean a formidable obstacle to crack. Meanwhile, ETH required a 24hr candle close beyond $3,600 to cancel the bearish outlook.

For now, the crypto spectrum flashes weak uptrends that would likely meet obstacles, resorting to downtrends. Meanwhile, the altcoin market mimics price trends by the market leaders, BTC and Ethereum.


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