The crypto market had shown promising signs of recovery and solid bullish momentum during the first week of April. Since this year, most coins have created new ATHs after stalling at lower positions. Bitcoin reached its highest point so far in 2022 at $48200. The 48k region had become a strong resistance point for Bitcoin, which it failed to overcome. The bears attacked the market so hard at this point, taking the price of Bitcoin back to 43k.
Similarly, Ethereum, which witnessed a rapid price surge that took its price to a new ATH at $3581.20 earlier, would face strong resistance in this region. The bears immediately attacked the market and pushed its price below $3500.
Ethereum seems to be recovering after testing its strong support at $3100 yesterday. The price is currently trading at $3200 during the Asian session. The next weak resistance for Ethereum to break today is $3300.
Any failure to sustain this current price level will take us back to the support at $3,000. The next significant support level below this level is $2,370.
On the other hand, there are increased worries in the crypto market that the current bearish trend might last longer all through April and may extend to May. This is due to the imminent hike in interest rate coming from the Fed, which many fear might commence next month with the next Fed meeting.
Currently, the bears are dominating the crypto market once more, with most coins going back to retest their previous support.
Bitcoin is expected to close above 44k this week to turn bullish again. Ethereum, on its part, needs to close above $3300 this week to reclaim its bullish momentum. The weekly close, no doubt, will be a significant indicator of what to expect next for Ethereum and Bitcoin and the crypto market at large.
