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BTC, ETH and XRP Price Analysis for March 10

Price Analysis
Thu, 03/10/2022 - 14:55
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Denys Serhiichuk
How long is the bearish trend going to last?
BTC, ETH and XRP Price Analysis for March 10
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls could not keep yesterday's growth up, and most of the coins have returned to their previous levels.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is again trading below the $40,000 mark, going down by almost 7% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Despite the fall, Bitcoin (BTC) keeps trading in a wide channel between the support at $34,000 and the resistance at $45,478. The volume is increasing, which means that the coin is accumulating power for a further sharp move. If buyers cannot return above $40,000, there is a high possibility to see the retest of the resistance shortly.

Bitcoin is trading at $39,049 at press time.

ETH/USD

Ethereum (ETH) has lost less than Bitcoin (BTC), with a price drop of 5.66%.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) is showing the same price action as Bitcoin (BTC). The rate is stuck in the channel with neither bearish nor bullish signals. However, the price is slowly approaching the bottom lower level, confirming the bears' power.

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If buyers cannot hold the $2,500 mark, the drop may go below $2,000. Such a scenario could take place within the next few days.

Ethereum is trading at $2,582 at press time.

XRP/USD

XRP has dropped the least with a decline of 2.44%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP is going down after a failed attemp to fix above the $0.75 mark. Currently, the price is about to test the support level at $0.6959. If the pressure continues, a sharp decrease may lead the price of XRP below $0.65 until mid-March.

XRP is trading at $0.7277 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.