Bitcoin, Ether, Major Altcoins – Weekly Market Update March 1, 2021

Bitcoin, Ether, Major Altcoins – Weekly Market Update March 1, 2021

March 1, 2021

ETH/USD

The Ethereum Project token ETH peaked at $1,978 on Sunday but was unable to print a new high most probably as a direct result of the already exhausted short-term uptrend. The leading altcoin closed the day and the week in green but was not in a position to consolidate in the area mainly due to the lack of high incoming trading volumes.

On Monday, it followed the example of BTC and the rest of the major altcoin and registered a double-digit loss by nosediving to $1,542. It partially recovered by climbing back up to $1,777 at the daily close, but the overall market sentiment was turning bearish.

The Tuesday session was no different and the ether erased another 11 percent of its value. It is worth noting that the ETH/USD pair was trading at $1,351, or right below the short-term EMAs during intraday.

The third day of the workweek was a good one for buyers. The price of ether was moving up and down between the 26 and 50-day EMAs before closing with a short green candle to $1,630 on the daily chart.

On Thursday, February 25, the coin was mainly gravitating around the 200-day EMA on the 4-hour chart before falling further to $1,480 in the evening. Naturally, bulls were turning to $1,440 as the next level of support, which already survived once February 23 and was an extremely stable resistance back in late January when ETH was struggling to break above the horizontal wall.

The Friday session saw it trading in the $1,400 – $1,560 area before closing with a short red candle to $1,445.

The weekend of February 27-28 started with a short bounce above the 26-day EMA on Saturday and a heavy drop to $1,290 on Sunday (later corrected to $1,424 at the daily close) right on time for the monthly candle close. The ETH token closed on February 8 percent up.

The ETH/USD pair is trading significantly higher, at $1,522 as of the time of writing. 4-hour chart

Leading Majors

  • Cardano (ADA)

Ethereum’s main competitor was the sole cryptocurrency on CoinGecko’s Top 10, which closed the previous seven-day period in green. The ADA/USDT pair grew by 18 percent for the week becoming the third-largest digital asset with a market capitalization of approximately $40 billion. The coin peaked at $1,49 on Saturday, February 28 as a result of the coin accumulation prior to the upcoming Mary mainnet launch scheduled for March 1.

The next major support level for ADA is the previous horizontal resistance at $1.16 with $1.5 as the big target in front of bulls.

Altcoin of the Week

Our altcoin of the week is Polygon (MATIC). The so-called “Internet for blockchains” reached #65 with a total market capitalization of approximately $1.1 billion.

The coin increased by 43 percent on a weekly basis and is 451 percent up for the last month.

The MATIC/USDT pair peaked at $0.234 on Saturday, February 27 on the news that the major gaming company Atari is working to integrate Polygon for use of their NFT and token products.

As of the time of writing, MATIC is trading at $0.228:

 

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