Bitcoin (BTC) and Ethereum (ETH) Descend Into Support

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Bitcoin and Ethereum Charts and Analysis

As I write, bitcoin is going dowm under $ 40,000 and touches bottom of an important part of the support that needs to be maintained as BTC tries to push higher. One step higher, it would be especially impossible to look at the same basic and technical background, which now looks negative, although any reduction in tensions in Ukraine would help reduce some repression. Support at $ 39.6,000 is now being tested and maintained and should remain strong, otherwise a move to $ 37,000 is likely. As always, caution should be exercised at the end of the week, as declining quantities may cause prices to fall sharply.

Bitcoin Daily Price Chart

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Chart via TradingView

Ethereum returned all its profits this week and seems ready to retest support for $ 2,659. Ethereum has not done much this week to create bitcoin, but the current wave of negative sentiment has affected all cryptocurrencies in the same way. The $ 2,933 resistance has now been tested and remains strong.

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Chart via TradingView

I highlighted a potential break in the Ethereum / Bitcoin spread last week, but it didn’t work out. The trend is now breaking at lower levels, and while closing and opening above this trend line usually indicates a move higher, it would be wise for traders in this spread to see price action. move.

Ethereum/Bitcoin Daily Price Chart

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Chart via TradingView