Crypto Technical Analysis Report |24th March-2023

Crypto markets faced their share of ups and down this week after the Federal Reserve announced a ninth straight rate hike. Bitcoin (BTC) fell 1.88% to $27,698, while Ethereum (ETH) was below the $1,800 level. BTC volume over the past 24 hours was around $32.36 billion, up 8.07%. The expected 25 basis point rate hike and accompanying aggressive message from the US Federal Reserve led to volatility in the crypto markets as Bitcoin (BTC) plunged 3% overnight. Major crypto tokens were also trading with little to no gain on Friday. Dogecoin, Cardano and BNB also traded haircuts. The crypto global market cap has traded up around $1.18 trillion, a rise of 2.10% in the last 24 hours. The total volume in DeFi is currently 4.31 billion, 7.31% of the crypto market’s total 24-hour volume. The volume of all stablecoins is now $49.69 billion, which is 91.46% of the crypto market’s total 24-hour volume.

BTC returned to nearly $29,000 on March 23rd as bulls ignored news of a new government crackdown from the United States. BTC/USD rallied nearly 8% from its overnight lows to challenging nine-month highs in exchanges. The pair remained volatile as the dust settled over the previous day’s interest rate decision and related Federal Reserve comments. Although Fed Chair Jerome Powell gave conflicting signals on how and if rate hikes would continue, crypto market commentators argued that the flash crash witnessed by Bitcoin had been exaggerated. The 17.5% rally between March 16th and 22nd surprised options traders betting price levels below $26,000 as investors sought protection from continued inflation and the ongoing banking crisis. Bitcoin bulls have been closely monitoring the negative impact of near-zero interest rates between April 2020 and April 2022, and some have used the information to profit from the $1.2 billion in BTC options set to expire on March 24.

Ether is seeing a price breakout on the back of rising gas fees and the upcoming Shanghai update, hitting a yearly high of $1,855 on March 23. Ethereum’s decentralised finance (DeFi) ecosystem received more daily fees and grew 9% in 24 hours on March 23 along with Ether’s price growth. As Ether fees soar, the economics of Ethereum’s Proof-of-Stake (PoS) token has become deflationary, with earnings up 10% in the last 24 hours. Although the Ethereum network is showing positive momentum, regulators tend to take quick action against the crypto sector. Debates continue on whether Ether is a security token in the Howey test and whether it could hurt investor confidence.

On the macro front, The mood could not be improved despite the news that the US’s regulator, the Securities and Exchange Commission, had begun targeting crypto companies, most notably Coinbase, whose shares fell 20% on Wall Street. US stocks attempted to write off their own post-Fed losses, with the S&P 500 up 1.2% on the day at the time of writing. Meanwhile, Gold hit $195.15, gaining an impressive 3.1% from previous daily lows and nearing a $2,000 rematch.  Consumer prices continue to rise even as the S&P 500 returns to the 4,000 mark. Demand in the real estate market is increasing and gold gained 7.8% in 2023. Any asset with a chance to benefit from inflation is going up, a typical sign of fiat currency depreciation.

Technical Outlook


BTC Chart_24th_March_2023
Bitcoin (BTC) Chart

BITCOIN after making a ‘Hammer’ candle at the recent low of $19,549 rallied almost by 47% within two weeks and made a high of $28,918. Currently, the asset is consolidating and trading in a range from $27,000 to $28,000. BTC has strong resistance at $28,500 and it has still not given a daily closing above the resistance indicating some profit booking at these levels. Once it closes and sustains above $28,500 then we may expect it to further rally up to $32,500 (next resistance). $25,000 and $20,500 will act as strong support for the asset.


ETH Chart_24th_March_2023
Ethereum (ETH) Chart

ETH after making the low of $1,073.9 witnessed a sharp rally and surged almost by 73% within four months and made a high of $1,858. Currently, the asset is trading in a broad range from $1,720 to $1,820. It has a strong support zone from $1,725 to $1,700. If the price holds and sustains above the support then we may expect it to surge up to $2k levels whereas a break below the support can lead to a further downfall and can see a drop to $1,500.


BNB Chart | 24th March 2023
BNB Chart

BNB after making a ‘Dragonfly Doji’ candle witnessed a sharp rally and surged almost by 30% making a high of $346. Post this move, the asset saw a minor profit booking at a higher level and dropped to $316. BNB has strong resistance at $336 and the bulls are struggling to sustain and give a daily close above the key level. Once it does that then it may further rally up to $365 to $400. The asset has strong support at $300.

Weekly Snapshot

USD ($)16 Mar 2323 Mar 23Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
crypto1w – % Vol. Change (Global)
BitCoin (BTC)-6.39%
Ethereum (ETH)-17.01%
Binance Coin (BNB)2.36%
Resistance 2$32,500$2,250$1.50$365
Resistance 1$28,500$2,000$1.30$336
Support 1$25,000$1,700$1.05$300
Support 2$20,500$1,450$0.75$255

Market Updates

  • Arbitrum airdrop sells off at listing, but traders remain bullish on ARB. It sold off upon being listed on exchanges, and some users reported a claim experience laden with tech issues, but the token could follow the trajectory of previous airdrops.
  • According to an announcement on March 23, the CBUAE signed an agreement with Abu Dhabi’s G42 Cloud and digital finance services provider R3 to be the infrastructure and technology providers of the CBDC implementation.
  • ARK Invest purchased 269,928 shares in Coinbase on March 23, only two days after it sold $13.5 million, its first sale of Coinbase shares this year.
  • Bitzlato has enabled its users to withdraw up to 50% of assets stuck on the platform due to enforcement from the United States and Europol, the firm announced on its Telegram channel on March 20.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

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