Putin’s oil-backed war machine invades; Ukraine responds with crypto donation address; BTC and ETH technical analysis
- Ukraine Accepts Crypto Donations
- Bitcoin/USD – Bitcoin Safe Haven Narrative
- Ethereum/USD – Approaching Resistance
Ukraine Accepts Crypto Donations During On-Going War
On February 24th, 2022, Ukraine’s Ministry of Defense started receiving numerous requests from foreigners for crypto donations. Two days later on February 26th, 2022, The Ukrainian government posted a tweet requesting donations in Bitcoin, Ethereum, and USDT for the on-going war between Russia and Ukraine.
So far Ukraine has raised over $20M in donations and will be using it for the civilians and troops in Ukraine.
Co-Founder of Ethereum, Vitalik Buterin, was skeptical at first about the tweet and thought the page could have been hacked. But it was later verified by the Ukrainian ambassador Olexander Sherba, that the donation requests were correct and in control of the Ukrainian government.
Since then, FTX CEO Sam Bankman-Fried has been one of the first to offer monetary support to Ukrainians and has donated $25 to all Ukrainian traders on FTX.
Binance also announced it would donate $10 million to the effort and is encouraging its users to donate more through a crowdfunding portal.
BTC Daily Chart
BTC Weekly Chart
At the time of writing, Bitcoin is priced at about $44.6k and is approaching the next weekly resistance at $46k. Bitcoin has made a major move to the upside this week and has caught many traders and investors who chose not to participate in the market off guard including myself.
Last week Bitcoin seemed as if it was ready to sell off near the low $30k’s at any given moment and as of today price action seems to be giving us the exact opposite of that. With Bitcoin performing the way that it is right now in a time of uncertainty with the on-going war between Russia and Ukraine, it only makes sense to start to consider Bitcoin as a safe haven asset.
Gold has also been in an uptrend as of lately and it seems Bitcoin is starting to follow in the footsteps of gold. For now, we will have to watch and observe the correlation between BTC and gold in the coming weeks to determine if BTC will continue to act like the safe haven asset that it was intended to be.
Bitcoin Bull Scenario
Bitcoin breaks $46k resistance and we look at the mid $50k area as the next area of resistance.
Bitcoin Bear Scenario
Bitcoin does not reclaim the resistance level of $46k and we look for the $42k area to hold as support.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at about $2.9k is approaching both its diagonal resistance at the trendline, and horizontal resistance at $3k. Last week I mentioned that Ethereum lost its weekly support at $2.7k and mentioned a possibility of the candle being a fake out/deviation candle. Since then, it has reclaimed that level and is attempting to reclaim the next level which is a daily level. In my opinion, if Bitcoin can manage to break $46k then I think Ethereum will break $3k.
Ethereum Bull Scenario
Ethereum reclaims the $3k level on the daily time frame and then pushes up to the $3.6k area.
Ethereum Bear Scenario
Ethereum gets rejected from the $3k area and I believe that we visit the $2.7k level again.