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When Bitcoin options expire on Friday, March 26th, the point of maximum pain will be $44,000. This does not necessitate a move; but, after expiration, the ability to gravitate lower is removed.
Bitcoin was trading at $50,600 at the time of writing and was still falling. Furthermore, Ethereum, the world’s largest altcoin, was under strong bearish attack, with the price falling to $1,562 at the time of publication.
Ethereum 1-hour chart
The charts (cyan) indicate a spread from $1,730-$1,850, with some divergence above that that was still unable to ascend to challenge the $1,950-$2,050 region of availability, indicating that sellers were able to claim their position even in the $1,900 region two weeks ago. In reality, they’ve just gotten stronger since then.
ETH has lost its short-term range over the last few days, with the alt seeking some relief at $1,550 in the last few hours.
Furthermore, the altcoin’s technological indicators predicted an additional decline in the short term.
The RSI had risen above neutral 50 the day before, but this was just a short-term boost, and the RSI has since fallen rapidly alongside the price.
The OBV has also seen a lot of trading value in the last few hours. The 23.6 percent retracement level at $1,580, as well as the other level of horizontal support at $1,550, would be essential in the coming hours for the market.
Bitcoin has fallen below the $51,000 mark, and more declines are possible across the industry, including Ether. The next level of support is at $1,450, and it is best to stop buying until the market calms down.
There are $1.15 billion in ETH options expiring on the 26th, and this has already resulted in a major ETH correction, suggesting that there is still some gas in the tank. A move below $1,550 is possible, and when it does, the next trading chance will be in the $1,450-$1,420 range.