March Trends: BTC and ETH
The near-term bullish trend remained intact in spite of the recent pullback
Bitcoin prices have skyrocketed in 2021. After breaking through US$20,000 at the end of last year, it has recently risen above US$60,000 for the first time in March 2021. Bloomberg Intelligence analyst Mike McGlone recently pointed out that Bitcoin is becoming a safe-haven global digital reserve asset. After the launch of the Bitcoin ETF backed by financial institutions, the trading volume of the cryptocurrency market is expected to grow substantially. The interest of financial institutions in Bitcoin means that Bitcoin will take a big step towards maturity.
The Bitcoin pulled back after breaking 61000 points on March 13th, dropped 3603.25 points or 6.11%, and closed at 55397.76 points on March 21st. After the RSI of Bitcoin crossed above 50 on March 1st, placing long position was suggested. The long position gained 5759.28 points or 11.60% from March 1st to March 21st. The Bitcoin is currently above 13EMA and 34EMA with RSI above 50, the bullish trend is expected to continue.
Ethereum remains bullish in March 2021
The overall upward trend of cryptocurrencies is obvious, and Ethereum is closely following the upward trend of Bitcoin. The price of Ethereum/USD is only slightly lower than the record high. Although traders may be eager to push the price above the $2,000 mark, its consolidation trend proves that Ethereum is still gathering the momentum needed to push it up.
The Ethereum pulled back after breaking 1900 points on March 13th, dropped 64.55 points or 3.49% for the week, closed at 1783.74 points on March 21st. and RSI crossed below 50. After the RSI of Ethereum crossed above 50 on March 6th, placing a long position was suggested. Ethereum has gained 132.5 points or 8.02% from March 6th to March 21st. The Ethereum is currently above 13EMA and 34EMA with the RSI above 50, the bullish trend is expected to remain.
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