Weekly BTC, ETH, and Altcoins Analysis (March 18, 2024)
This analysis covers BTC, ETH, and altcoins SOL, FIL, IMX, INJ, and assesses the current state of the cryptocurrency market.
Bitcoin (BTC)
Bitcoin experienced a local correction after hitting a new all-time high at $73,778, which has lasted four days, resulting in a 12% pullback from the ATH. Currently, it is oscillating between a support zone of $64,400β$66,100 and resistance levels of $68,000β$69,450.
The overarching trend remains bullish, suggesting continued growth for the leading cryptocurrency. The next challenge for buyers lies within the $70,500β$71,600 zone.
In the event of an extended correction, the next support level could be found at $61,378, also appearing as an attractive point for initiating (or increasing) asset accumulation on the spot market.
BTC H2 Chart
Ethereum (ETH)
The situation on the ETH chart reflects that of Bitcoin, albeit with a deeper correction of 17%. The coin has repeatedly tested the buyer's zone between $3,372 and $3,472 before successfully rebounding above $3,500.
Currently, the $3,672 level poses the main obstacle for further growth. Overcoming this barrier on significant volume could empower buyers to pursue further upward movement, potentially reaching the $3,782β$3,880 range.
Significantly, ETH's performance is closely linked to that of BTC due to their strong correlation. If Bitcoin opts for a continued downturn, ETH may encounter a deeper correction, with initial support anticipated around $3,180β$3,280.
ETH H2 Chart
Solana (SOL)
Solana recently marked a new high by crossing the $200 threshold on Monday morning. This achievement propelled the coin past BNB in terms of market capitalization, ranking it as the fourth-largest asset on CoinGecko, with a market cap exceeding $90 billion.
The trajectory for SOL points towards further growth, facing minimal resistance on the chart. Optimal zones for seeking long positions on higher timeframes include the $190β$195 and $175β$183 ranges.
Currently, only a substantial BTC downturn could potentially trigger a decline in SOL's price.
SOL M30 Chart
Filecoin (FIL)
FIL and other altcoins continue to show a high correlation with Bitcoin's price movements. Following a high on March 9, Filecoin experienced a correction of 26%.
Currently, the coin is trading within a sideways range, caught between a support zone of $8.20β$8.82 and a resistance zone of $9.80β$10.40. It must break through this seller's range to have a chance at further growth.
A deeper drop could push the asset into a buying zone of $6.90β$7.58. Lower support levels should be considered only after the market reacts to this range.
FIL H2 Chart
Immutable (IMX)
IMX has been trading within a broad sideways pattern between a support zone of $2.65β$2.85 and a resistance zone of $3.56β$3.75 for more than a month. The asset corrected by 26% over the last week.
Should the BTC downward trend continue, Immutable might reach its next support range of $2.21β$2.41.
An upward trend could only be anticipated after the coin's price firmly establishes above the local selling zone of $3.12β$3.32.
Immutable H4 Chart
Injective (INJ)
INJ is currently in a sideways trend, with support at $38.00β$40.72 and resistance at $45.34β$48.13. The overall upward trend in Injective's chart still stands, making growth continuation a priority.
The immediate goal for buyers is the recent high at $53. As the asset has never traded higher, forecasting the next resistance level is speculative.
If BTC leads to further corrections, INJ might drop into the buying zone of $32.15β$35.00.
INJ H4 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
BTC dominance has remained stable since last week, currently at 53.67%. With BTC's market share still dominantly high, altcoins are adjusting 1.5-2 times more sharply than Bitcoin, slowing down the market's momentum.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index has fallen even further from last week, now standing at 51 points, underscoring a disinterest among investors in cryptocurrencies other than BTC.
Altcoin Season Index. Source: blockchaincenter.net
Meanwhile, the Fear and Greed Index is at 77 points, denoting "Extreme Greed." This suggests a significant interest from cryptocurrency buyers in continuing market activities, although such phases may indicate the market is somewhat overheated.
Fear and Greed Index. Source: coinstats.app
Economic News This Week
Last week, the Consumer Price Index was updated, reflecting the overall inflation level of the US dollar. This week, the Federal Reserve's decision on interest rates is set to be published. In the coming days, the economic sector will be highlighted by the following key macroeconomic data:
- The Crude Oil Inventories and U.S. Federal Reserve Interest Rate Decision (Wednesday, March 20);
- Initial Jobless Claims, the US Manufacturing PMI (Thursday, March 21);
- A speech by Fed Chair Jerome Powell (Friday, March 22).
Check out GN Crypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
