Cryptocurrency Market Analysis as of 3.03.2023


The cryptocurrency market capitalization is recovering and at the time of writing totals $1.07 trillion against $1.03 trillion two weeks earlier. In the course of seven days, Bitcoin lost 3.57%, Ethereum and Ripple dropped by 1.47% and 4.33% respectively, while Litecoin gained about 1.00%.

Technical Analysis


Bitcoin has been consolidating at the support level of 22,557 this week, whereas its growth has been limited by 23,830 which is a resistance level marked with dotted lines.

If the major cryptocurrency goes up from this sideways trend, a resistance level of 25,201 will serve as the next growth target.

An alternative technical scenario could be a breakout of support at 22,557 and a drop to the next level at 21,511.



Ripple keeps consolidating at the support level of 0.3735. If it holds ground, the quotes will still have sufficient movement range towards the nearest resistance at 0.3956.

If the 0.3735 horizontal line is broken out with consolidation below it, 0.3532 will serve as the next target for XRP/USD weakening.



Following the footsteps of the main cryptocurrency, Ethereum is consolidating in a narrow range between the support at 1606.16 marked with dotted lines, and the resistance at 1678.21.

When exiting the sideways trend upwards, ETH/USD may continue to increase towards the nearest target at 1784.02. If the current support is broken out, the next southward target will be 1484.77.



Litecoin has gone up within the sideways range of 91.12 - 97.17 this week. LTC/USD has been unable to overcome its resistance so far, which can ultimately lead to quotes going back to 91.12.

If there is a bullish momentum in the market and the pair breaks out 97.17, the next growth target will be the February 2 highs.


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