BTC, ETH, and Altcoin Price Analysis on March 4, 2024

Over the last week and into the weekend, Bitcoin traded sideways but began to ascend at the start of the new week, reaching a two-year high of $65,550. Continued growth is now the anticipated path.

The immediate target for BTC is the record high of $69,000. Resistance levels on the way to this milestone seem negligible, given the current strength of buyers. Traders are advised to seek long positions at support levels between $64,100-$64,700 and $63,440.

A local downtrend could only be considered if the coin's price consistently falls below the $62,300–$62,900 range.

Ethereum (ETH)

On a local (M15) timeframe, Ethereum's price movement closely follows that of Bitcoin, with the significant difference being ETH's substantially higher potential for growth.

ETH is currently hovering around the psychological level of $3,500, with the next buying target set at $3,580. Ethereum's all-time high (ATH), exceeding $4,800, will likely attract market attention during the altcoin season.

Long positions could be considered within the support level of $3,476 and the $3,437–$3,464 zone.

Dogecoin (DOGE)

Between February 26 and March 4, DOGE soared by 100%, surpassing a yearly high of $0.172. This surge is part of a broader trend seen among meme tokens, including FLOKI, PEPE, and SHIBA, which have also shown remarkable growth.

The upward trend for Dogecoin could continue, given that its ATH is more than 300% above the current price. Short positions on DOGE are thus discouraged. The $0.14-$0.15 range appears to be an opportune buying zone.

Short-term buyer targets include the levels at $0.180, $0.195, and $0.210. Given its large holder base and substantial market capitalization, DOGE might face challenges in maintaining upward momentum. Nonetheless, with the altcoin season progressing, the asset is capable of methodically reaching new highs.

Litecoin (LTC)

Litecoin has seen a significant improvement in its upward momentum over the last week, hitting a six-month high of $94.64, with an overall growth of 35% for the week. 

The coin is still far from its all-time high, leaving substantial room for growth. If the older altcoins start surging as they did in the previous alt season of 2020–2021, LTC could potentially see a 100–200% increase. 

The main barrier currently is the psychological level of $100, which is also the primary target for buyers. Considering long positions might be advisable in the $85–$88.6 range and at the $82.7 level.

Cosmos Hub (ATOM)

While ATOM is in an uptrend, like most alternative coins, its growth has been relatively slow. This is attributed to its large market capitalization, which exceeds $4.7 billion at the time of this analysis. 

It's somewhat challenging for buyers to push ATOM's price higher, yet the positive momentum persists. The immediate resistance levels and first targets for ATOM are $13 and $13.5. 

Short-term purchases of the coin could be considered around the support zones of $11.8–$12.2 and $11.17–$11.55.

Arbitrum (ARB)

After setting a new ATH earlier in 2024 above $2.4, Arbitrum's price has somewhat stagnated in a sideways range. The coin is currently trading between the support zone of $1.91–$1.97 and the resistance zone of $2.11–$2.19. 

ARB's prospects in a bull market appear somewhat uncertain. Fundamentally, the project is solid, but Arbitrum faces stiff competition from rivals like Optimism, Manta, Starknet, zkSync, Scroll, LayerZero, Linea, and others. Liquidity among these Layer 2 solutions will be distributed in such a way that buyers will prefer some projects over others, avoiding purchasing tokens from the rest. 

Therefore, a significant upward movement for ARB seems unlikely at the moment. For active growth to continue, the price needs to consolidate above the $2.2 mark and quickly retest the ATH of $2.4. Otherwise, the asset risks remaining in a sideways trend.

BTC Dominance, Altcoin Season Index, and Fear and Greed Index

Despite a positive week for several altcoins, the BTC dominance index still exceeds 54%. Over the last five months, this indicator hasn't changed significantly, as other cryptocurrencies struggle to keep up with BTC's growth. 

To reduce its dominance, Bitcoin needs to consolidate within a certain range for a significant period, ideally more than a month, allowing liquidity to flow into other tokens.

Economic News This Week

The economic news sector this week will be marked by the following events: 

• US Services PMI (Tuesday, March 5);
• Crude Oil Inventories and Fed Chair Powell's speech (Wednesday, March 6);
• Initial Jobless Claims (Thursday, March 7);
• US Unemployment Rate (Friday, March 8).

These events are unlikely to have a global impact on the cryptocurrency market but may influence the volatility of traditional assets, including gold, the US dollar, and oil. Considering the increased correlation between the stock and cryptocurrency markets in recent months, it's advisable to refrain from active trading during these news releases.

Check out GNcrypto for the latest cryptocurrency rates and chart analysis.

Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from GNcrypto: