Weekly Crypto Market Analysis with Geco.one 28.02.2022
Russia’s military attack on Ukraine cast a shadow on world financial markets and sparked a new wave of risk aversion. It also means that we could expect increased volatility in the coming days, as in the second half of last week.
Considering both fundamental factors and strictly technical aspects, we could expect a decline in cryptocurrency prices in the near future.
Looking at the BTC quotes, we notice that the price of the oldest virtual currencies rebounded on Sunday from the technical resistance of $ 40 700, which could naturally argue its return to the last lows, i.e. $ 35,000.
If, however, the drops turned out to be bigger and it would overcome this support, then one should be prepared for the possibility of a sell-off even in the direction of $ 30,000.
We could expect a potential drop in the near future on the Ethereum quotations, and the price rebounded from the technical resistance of $ 2,825. If this happens, the quotation of this cryptocurrency could return to the region of $ 2,350 in the near future, and a possible permanent defeat of this support would signal the potential for further depreciation towards $ 1,750.
Looking at the performance of EOS, we will notice that the price of this cryptocurrency has been relatively stable for several days, slightly below the recently defeated support (now resistance) of $ 2.20. In the region of this level, the supply reaction appeared last Saturday and Sunday.
Therefore, if this ceiling is dropped, the EOS rate could return to the path of declines, for which technical support of $ 1.70 seems to be the actual reach.
The current situation on UNI quotes is also very similar. As a result of the calm increases that have been going on for several days, the rate of this cryptocurrency has returned to the area of recently defeated support (now resistance) of $ 10.
Unlike EOS, however, no significant supply response has appeared here, signalling its rejection. Nevertheless, if only such a reaction appeared in the near future, we could expect the prices of this cryptocurrency to return to a declining path.
More comments on the cryptocurrencies described above and an analysis of the next few can be found in the market review from Geco One on Comparic Markets TV.