Will Crypto Market Face Further Correction In March 2023?

Bitcoin, Ethereum Weekly forecast: With the increasing bearishness in the crypto market, the market leader Bitcoin and Ethereum faced a significant sell-off this week. As these coins lost more ground support, the majority of major cryptocurrencies witnessed a similar fate, indicating a higher chance for prolonged correction in the coming weeks. Given below are some of the crucial technical levels that may influence the BTC and ETH coin’s near further price.

Top Gainers and Losers

Source- Coin360 

Trust Wallet Token and Floki showcased the highest gainers among the top 100 cryptocurrencies in the last 24 hours. Specifically, TWT had an impressive increase of 10.17%%, driving its price up to $1.37, while Floki Coin rose by 5.41% bringing its value to $0.00004326. However, ssv.network and Lido DAO both suffered losses during the same period, with SSV dropping 12.63% and reaching a price of $38.71, and LDO falling by 10.89% to $2.65.

Bitcoin 

Source- Coinmarketcap

In the weekly time frame chart, the Bitcoin price has showcased a sideways trend over the past eight months. On February 21st, the coin price witnessed its second reversal from the $25300 resistance and initiated a new correction phase.

As the bearish sentiment in the market increases, the BTC has tumbled 11.76% from the $25300 resistance and currently trades at $22360. With sustained selling, the coin price may revisit the local support of $21855-$21500 to recuperate the exhuasted bullish momentum.

Source-tradingview

However, if the BTC price gives a weekly candle closing below the aforementioned support, the coin holder may witness a prolonged downfall to $18600 support. 

On a contrary note, if the Bitcoin price shows sustainability above $21500 in the coming two weeks, the buyers may regain enough momentum to challenge the $25300 barrier.

Also Read: Best Crypto Future Trading Bot 2023 ; Here’s The List

Ethereum 

Source- Coinmarketcap

In the daily time frame chart, the Ethereum price reflects an early sign of symmetrical triangle pattern formation. Over the past six, the coin price has moved just below the pattern’s resistance trendline, indicating uncertainty among market participants.

Under the influence of this pattern, the ETH price is likely to revert from this downsloping trendline and sets its course to reach the lower support trendline. If the selling pressure persists, a breakdown below the $1500 will offer sellers an additional confirmation to extend this downfall to the bottom trendline at the $1300 mark.

Source-Tradingview

Anyhow, for the Ethereum price to resume a directional rally it must breach either of the triangle trendlines.