Ethereum-Bitcoin report March 24th, 2022

After a slight decline in the weekend between Saturday and Sunday, this week has however given signals of a very positive trend: Bitcoin + 5%, Ethereum + 10%.
The good news that contributed to this climb seems to be that the Three Arrows Capital fund has added 110 million dollars of Ethereum to the Lido staking pool, this large inflow of liquidity could lead to big news for Ethereum in validation protocols in the short term. There may have been other purchases on other crypto and protocols.

Another positive news of the week is that the co-founder of Terra has declared a plan to collateralize Terra USD (UST) with BTC in addition to the same token Luna di Terra. This rumour has stirred the market.

At a macroeconomic and geopolitical level, there is no news that could change the scenario of cryptocurrencies at the moment, the Federal Reserve’s interventions are always for a rate hike, but this is not causing major shocks to the entire financial sector.

On a graphical level, this translates into a rise in Bitcoin to $ 43,150 which finds its first resistance at $ 45,500 (red line on the chart), while the support must be moved upwards to around $ 40,300 (green line on the chart) where the supertrend and the 20-period simple moving average also pass, we always remember that we use the daily chart.

Even for Ethereum which reached the $ 3,050 area, we must move the support to the $ 2,750 area (green line on the chart) and the resistance remains at $ 3,280 (red line on the chart).

Although some believe that this is a rise within a corrective phase, in our opinion it is too early to make such hasty judgments and we follow the evolution of prices, week by week, in a complicated context due to the war in Ukraine and the inflation, but fundamentally more relaxed, from the point of view of the financial markets, in recent weeks.