Bitcoin, Ether, Major Altcoins – Weekly Market Update March 15, 2021
ETH/USD
The Ethereum Project token ETH was experiencing a huge upside reversal ever since it hit a low bottom of $1,290 on February 28. The coin was quick in initiating recovery and increased by 21.4 percent for the last seven-day period. It closed the trading day on Sunday, March 7 at $1,729 and moved above its short-term EMAs. Looks like bulls were on track to reach the next supply zone area near $1,759.
The start of the new week was solid for the ETH/USD pair as it easily jumped to $1,835, surpassing the mentioned resistance and adding yet another 6 percent to its value.
In the next 24 hours, we saw a continuation of the upward movement and a new monthly high, this time $1,872 on Tuesday evening.
On Wednesday, March 10, the leading altcoin started moving South. It corrected its price down to $1,790 after hitting a daily low of $1,753.
The ETH token moved below the closest support zone on the next day and touched $1,721 as the bear pressure was increasing. Buyers however stepped in just in time to avoid a trend structure break, which helped the coin formed a green candle to $1,829.
During the Friday session, however, the ETH/USD pair continued to disappoint and fell further to $1,765. On the other hand, the price movement was showing similarities to the candle formation from mid-February when ETH was having troubles surpassing the same price zone and needed a short consolidation before doing so.
Exactly the same happened on the first day of the weekend. The ether climbed up to $1,918 breaking above the resistance. Another 8.5 percent was added to the market cap.
On Sunday, the coin took a short break and corrected its price down to $1,846.
It continues to slide on Monday morning and is now dangerously close to the 20-day EMA on the daily chart (1,730).
Top 10 Movers
- Litecoin (LTC)
One of the oldest and most popular cryptocurrency projects, Litecoin is trading in an uptrend corridor ever since it hit a low of $42.8 in September 2020. Still, it was lagging behind the other majors in terms of growth percentage.
For the last seven days, the LTC/USDT pair increased by $12.1 percent and re-entered the Top 10 with a market cap of $14,4 billion.
We see the $225$-$230 zone as the next major horizontal resistance in front of bulls. It is a solid level from back in 2018 and also where the Fibonacci level 78.60 level is situated from the last correction. The second target is $250.
Altcoin of the Week
Our Altcoin of the week is Decentraland (MANA). This cryptocurrency project allows its users to join a virtual world hosted on the blockchain. Players are able to purchase and manage land and monetize the content. Essentially, the coin is riding the non-fungible token (NFT) wave thanks to which it skyrocketed to a new all-time high of $1,22 on Sunday, March 14.
MANA added the astonishing 152 percent to its value for the last seven days and moved up to #68 on CoinGecko’s Top 100 list with a total market cap of approximately $1,32 billion. It is 4824 percent up on a yearly basis, so $1,000 investment a year ago is worth $48,240 today.
The MANA/USDT pair is currently trading at $0.952 on Binance:
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