In parallel with Bitcoin (BTC), which found support in the region of around $ 34,000 with the last drop, a rapid recovery was seen on the Ethereum side.
With the recovery of Ethereum (ETH), increases were observed in other altcoin parities and gained more than 20 percent.
At the same time, we can observe from Glassnode data that Ethereum’s balance on the exchanges has reached 14,925,247,014 ETH, the highest level in 3 months.
Currently, Bitcoin (BTC) is about $ 39,000 and Ethereum (ETH) continues to move horizontally in the band of $ 2,750.
On the other hand, the Russia-Ukraine crisis, which is one of the main issues on the agenda, and the FED meeting to be held in March, the uncertainty environment in the global markets is at the forefront.
So, what technical levels stand out?
When we look at the Low Time Frame, that is, the 4-hour chart of the lower time frame; Bullish has a harmonic structure. The first target level of $2674, which coincides with the fib (0.382) region, has been reached, with the D zone active, where the strong resistance zone is seen at 3000 and 3100 dollars.
In the High Time Frame, when we form a range in the daily time frame, we come across the $2752 resistance area, which coincides with the fib (0.382) region.
So, at what level does it need to close in order for the weekly uptrend to continue?
When we look at the weekly view, we can see that the correction level has found support in the intermediate region. At the same time, when we pull a Schiff Pitchfork to this region, it is still stuck in the correction region in the same region.
In order for an upward trend to be seen, with the weekly closing in the band range of 3050 and 3200 dollars, data will be formed to show that the trend is again suppressed upwards.
Otherwise, with the loss of the support zone it is in, we can see a pullback to the support levels, which is the green zone below.
As mentioned at the very beginning, with the conclusion of the Russia-Ukraine crisis and the clarification of the FED meeting processes in March, it will enable us to see the effects of trends on prices more clearly if the uncertainty environment in the markets is lifted.