is facing significant resistance around the $52,000 mark, which may signal an upcoming short-term pullback. The market witnessed a withdrawal of approximately $36 million from Bitcoin-focused exchange-traded funds (ETFs) on February 21, as reported by sources such as BitMEX Research. However, this trend reversed on February 22, when ETFs experienced net inflows of nearly $251 million.
Market analysts, including well-known trader and analyst Rekt Capital, suggest that the market could be preparing for a correction ahead of the Bitcoin halving event in April. Drawing parallels to the 2016 and 2020 bull markets, Rekt Capital speculates that a pattern of pre-halving decline followed by a post-halving accumulation phase could develop. Bitcoin's reluctance to extend its upward trajectory has led some investors to cash in on profits from certain altcoins. These corrective actions are considered beneficial for the long-term stability of the market as they eliminate weaker participants, thus providing opportunities for more committed investors to buy at lower prices.
What are the key support levels to watch for Ethereum and other leaders? alternative currencies? We'll dive into the charts of the top 5 cryptocurrencies to find out more.
Ethereum (ETH) Price Analysis
It attempted to break the important $3,000 resistance level but encountered strong opposition from sellers. Although the price dropped to $2,900, it recovered from the low. Currently, the price of ETH is trading at $2,973, rising more than 1.2% from yesterday's rate.
The market is witnessing sellers' efforts to initiate a pullback towards the breakout point of $2,700. This level is crucial, especially since it is very close to the 100-day EMA on the 4-hour price chart.
A vigorous rebound from $2,700 would suggest that the bulls have successfully converted this level into a support zone, setting the stage for another push to break the $3,000 barrier. A breakout could send the ETH/USDT trading pair towards the $3,100-$3,300 zone.
On the other hand, for the bears to undermine the bullish momentum, they would have to push up consistently and keep the price below $2,700. If this were to occur, the pair could fall below the moving averages. A drop to such depths could send the price of ETH towards $2,400.
SingularityNET (AGIX) Price Analysis
AGIX price continued its upward trend after breaking above the $0.6 resistance, setting its sights on the $1 mark as the next bullish milestone. However, the bears attempted to hinder the progress to $0.85.
If the bulls manage to hold their position near this level without significant losses, this suggests strong buying interest on minor pullbacks, increasing the likelihood of a breakout to $1.
On the downside, initial support lies at the 20-day EMA at $0.68, followed by $0.6. If these support levels do not hold, the correction could extend to the 100-day SMA at $0.48. Staying above this crucial threshold is vital for bulls as a breach could signal a change in the prevailing trend.
Near Protocol Price Analysis (NEAR)
The extended lower shadow of the NEAR candle indicates that investors continue to view any drop to Fib levels as an opportunity to buy. As a result, NEAR price continued to break above the resistance lines and is now approaching the ascending line.
Investors are making efforts to keep the price above the immediate resistance level of $3.8. If they succeed, the NEAR/USDT trading pair could reach the crucial resistance point of $4.6. At this juncture, fierce competition is expected between buyers and sellers. However, if the buyers win, the price is likely to rise to $6 next.
On the contrary, a sharp drop from $3.8 would show that sellers are effectively protecting this threshold. A drop below the 20-day EMA would indicate a decrease in buying pressure.
Celo Price Analysis
Sellers attempted to push Celo price back inside the symmetrical triangle pattern, but buyers aggressively defended the level. As a result, the price jumped above $0.88; However, the bears defended that level. At the time of writing, CELO price is trading at $0.825, rising more than 5.7% from yesterday's rate.
The 20-day EMA at $0.79 is showing signs of a gradual rise, and with the Relative Strength Index (RSI) above 62, it suggests that buyers are preparing for a rally. A successful move beyond the $0.88 mark could send the CELO/USDT pair towards the $0.9 to $1 resistance zone.
However, this bullish scenario could be challenged if the price turns lower and falls below the moving averages, indicating that sellers are taking advantage of every slight bullish move. A break below $0.76 could further amplify selling pressure.
Coti Price Analysis
COTI has seen a slight decline within an uptrend, indicating that short-term traders could be cashing in on their gains. However, buyers are focused on extending the uptrend above $0.18.
The upward trajectory is supported by a rising 20-day EMA (at $0.11) and an RSI approaching overbought conditions, indicating that market momentum remains predominantly bullish. A jump in price and a subsequent rise above $0.18 would confirm that the uptrend continues. After this, the COTI/USDT pair could aim for a target of $0.35.
On the contrary, if the price declines further and falls below the 20-day EMA, a level that could potentially attract buyers. However, if the selling pressure exceeds the buying interest, the pair could fall to the consolidated $0.1 zone.
