March 24th BTC/ETH Market Analysis
Yesterday's price dipped to 67916 and quickly rebounded above 70000, with a near 5000 point rebound within the day. The 67500 area serves as the main support line and previous low, and the bears have lost strength to break down.
The daily chart shows three consecutive bullish candles, each with long upper shadows. The bulls are attempting to push higher, but at the 72000 level, there is concentrated selling pressure from the bears, creating a stalemate between bulls and bears.
The 4-hour MACD has crossed over and continues to rise, indicating a strengthening short-term momentum; the daily MACD histogram has significantly contracted, and the strength of the larger rebound still needs observation. The price is above the short-term EMA7, but the EMA30 and EMA120 have formed a death cross. The 70040-70290 range is a crucial battleground for bulls and bears. If the volume stabilizes, it could signal a trend reversal; conversely, it could be a trap for bulls.
At 8 PM, a significant volume drop indicated capital outflow, and the subsequent rebound saw reduced volume, showing weak buying enthusiasm; the critical resistance at 71246 reached a peak in volume, and a breakthrough requires more substantial buying confirmation.
Currently, 67500-68500 serves as strong support, while strong selling pressure is near 72000. The market is forming a converging triangle, indicating a forthcoming directional choice, with opportunities for both bulls and bears.
Ethereum's rebound strength is relatively strong this round, but it failed to effectively break through the key resistance level of 2200. After a price surge, it faced pressure and retreated, entering a range consolidation pattern in the short term. Positive signals on the chart are evident, with support levels gradually rising, and buying support continuing to strengthen, maintaining the short-term bullish trend.
Currently, the price is stable above EMA7, operating above 2122, having also broken through EMA30 (2130). The short to medium-term moving averages are in a bullish arrangement, providing support for a stronger intraday trend. 2100 is the core defensive level for the bulls; as long as this area is not effectively broken, there is still a possibility to test the previous high of 2200 again.
Operational Strategy:
BTC: 68500-69500 buy, target 71800-73500
73000-72000 sell, target 70000-69000
ETH: 2070-2100 buy, target 2200-2300
2290-2250 sell, target below 2200