Overview of the cryptocurrency market. March 6

BTC. On the two-hour timeframe, a "symmetrical triangle" technical analysis pattern has formed, within which the price is consolidating before the next impulse. There is a series of increases in local price lows, the asset is trading above the exponential moving averages of 50 and 200 EMA 2 H, which together increases the chances of the instrument's exit from accumulation towards the correction level of 0.236 on the Fibo ($51,437). It is also possible to note in the shadows of the candles the characteristic buy-offs of bitcoin on the lower edge of the triangle, which indicates a determined mood of buyers. To develop an upward movement, the instrument needs to be fixed above the resistance level of $ 49,300. An alternative scenario is to re-test the lower edge of the triangle when the price closes below the proto-trading block at $48,200.

ETH. Over the past day, the asset has increased its value in a pair to BTC by 4 %. Ether is trading above the support level of $ 1,565, the nearest resistance level at $ 1,625, the capture of which will open the way to $ 1,775.

The Ethereum EIP 1559 update has been pre-approved as part of the upcoming London hard fork in July -founder Vitalik Buterin, will shift Ethereum's fee structure away from a bidding system that allows miners to give preference to the highest bids.The new commission structure will dynamically and programmatically adjust the commission so that users pay only the lowest rate for each block.

In addition, the underlying network fee will now be "burned" on every transaction, which could cause the deflationary economy of the ETH token to move in the right direction in light of the network's recent record fees. Improvements aimed at improving usability increase the viability of the blockchain structure. Burning part of the transaction fees in the long term will lead to an increase in the price of the asset, only the miners who lose part of the income when implementing the upcoming update remain dissatisfied. In general, if nothing changes — "bullish" news for the second-largest cryptocurrency.

US stocks were higher after the close on Friday, as gains in the oil and gas, telecommunications and raw materials sectors led shares higher. At the close on the New York Stock Exchange, the Dow Jones was up 1.85%, the S&P 500 was up 1.95%, and the NASDAQ Composite was up 1.55 %.

The overall trend of the digital asset market is still bullish, the total capitalization of cryptocurrencies has increased by 1 % over the past 24 hours, while bitcoin's dominance has decreased by 0.5 %. Judging by the awakening leader of altcoins - ether, there is hope for a subsequent decline in the dominance of digital gold with all the bonuses for alternative cryptocurrencies that follow from this situation.

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