#加密市场小幅下跌 Bitcoin and Ethereum surged higher and then pulled back! How far will this correction go?
Since last night until now, the Bitcoin and Ethereum markets have been rollercoaster rides. I believe many people have been holding their breath~
Let's start with Bitcoin. In the early hours, it surged to a high of $74,000, seemingly about to hit a new high, but then it turned around and dropped, with a low of around $71,600. From the high on March 5th to now, the overall trend has been a series of peaks and dips. Currently, it’s hovering around $71,000, with no clear direction.
Ethereum isn’t doing much better. On March 5th, it finally reached $2,200. Many traders took profits quickly once it looked good, causing the price to drop sharply. Now it’s fluctuating around $2,080, showing typical “sharp rise followed by a fall, high-level consolidation,” with no standout performance.
1. Key signals behind the market — don’t ignore them
After this rebound, the price just reached the upper end of the past month’s consolidation range. Basically, it’s a tug-of-war between bulls and bears, with no clear advantage to either side.
From a technical perspective, Ethereum is weaker than Bitcoin: the price has been gradually declining, and trading volume is decreasing. It’s clear that buying momentum is waning, and the bulls are losing strength. Looking at technical indicators, the short-term moving averages have turned downward, and the MACD has shown a bearish crossover. These are signals that the market may continue to pull back, with significant resistance ahead.
Additionally, a crucial reminder — keep a close eye on tonight’s non-farm payroll data! The crypto market is very sensitive; whether the data is good or bad will directly impact market liquidity expectations, which in turn will influence Bitcoin and Ethereum’s price movements. Don’t take this lightly.
Short-term support and resistance levels
Based on the current market, here are the key support and resistance levels to watch:
For Bitcoin, the critical support is at $70,900. If it breaks below this, it’s likely to test $69,500. The short-term resistance is at $72,000. If it can break through and hold above that, there’s a chance for further gains. The major resistance zone is between $73,500 and $74,500, where it previously surged to.
For Ethereum, the current support is at $2,050. If it falls below this, the next support is at $2,020. The short-term resistance is at $2,100, with strong resistance at $2,160–$2,180. Special attention should be paid to whether it can hold above $2,070.
A small reminder: Bitcoin needs to stay above $69,000–$70,000, and Ethereum must hold above $2,000 for the potential to continue strengthening.
Currently, both Bitcoin and Ethereum are in consolidation phases. The previous upward momentum has faded, and the correction pressure remains. Whether they can stabilize in the short term depends on whether key support levels hold and tonight’s non-farm payroll data. If support levels hold, the market will likely oscillate within a range; if not, further declines are probable. Keep an eye on whether resistance levels can be broken and monitor macroeconomic data changes. When trading, avoid blindly following the crowd — caution is always wise.
