Bitcoin, Ether, Major Altcoins – Weekly Market Update March 22, 2021
ETH/USD
The Ethereum Project token ETH ended the previous week with an 11 percent of price increase. The coin hit the $1,940-$1,960 resistance zone on Saturday, which stopped it from printing a new all-time high and 24 hours later dropped to $1,845 or right below the next major S/R area.
On Monday, March 15, the session was extremely volatile with the price jumping up and down the support zones. It registered a daily low of $1,730, right at the 20-day EMA and although it recovered to $1,730 in the evening part of the session, the correction resulted in a 3 percent loss for ETH.
The bear pressure reached its highest point on Tuesday when the ETH/USD pair broke down to $1,710 losing the short-term EMA and the diagonal support (as part of the uptrend channel). It quickly reclaimed positions above those indicators and even closed the day in green by stabilizing near $1,805.
The mid-week session on Wednesday was an extension of the good performance from the previous day and the ETH/USD pair moved up to $1,822, but not before hitting the weekly open at $1,840.
The coin could not break the resistance formed near the mentioned level on Thursday and dropped down to $1,775 right above the 21-day EMA and the diagonal support.
On Friday, bulls regained some positions above the support zone, but could not erase the losses from the previous day.
The weekend of March 20-21 started with a push to $1,868 in the early hours. The momentum, however, was not sustainable enough and ETH closed in red at $1,804.
The ether is trading in the narrow range between $1,730 and $1,850 since March 11 with the only exception being the short-lived breakout to $1,922 on March 13.
On Sunday, it nosedived to $1,747 in a sudden market crash during the Asia session then went back up to its preferred range around $1,790.
The coin is slowly climbing up to the short-term EMAs on the 4-hour chart on Monday morning.
Top 10 Movers
- Cardano (ADA)
Once again, it was ADA making the news during the past week. The coin, considered by many as the biggest rival to the Ethereum platform, was added to the popular cryptocurrency exchange Coinbase and its Pro version on March 19. The announcement came on March 16 and the ADA/USDT pair rallied to reach $1.45 in the next two days of trading. This resulted in an approximately 40 percent of increase.
The uptrend, however, was short-lived and the coin nosedived to the 100-day EMA at $1.16 on Sunday. What is next for ADA is to recover positions and stabilize above the previously solid horizontal S/R at $1.25.
Down, we see $1.18 as a potential support level on the daily and 4-hour timeframes.
Altcoin of the Week
Our Altcoin of the week is Ecomi (OMI). Another relatively old, but unknown token that benefits from the NFT mania. Ecomi is a digital collectible marketplace project that also runs the VeVe platform for premium format 3D digital collectibles.
OMI added 59 percent to its value for the last seven days, which made it the 60th most valuable cryptocurrency out there with a market cap of approximately $1.8 billion. It peaked at $0.013 on March 19 and is scheduled for Uniswap listing this coming Wednesday.
As of the time of writing, OMI is trading at $0.0106 against USDT on BitMax:
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