Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens

Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens

Bitcoin was trading above $28,000 on Monday, as cryptocurrencies extended a bull run to start the week. This upwards sentiment comes as the Federal Reserve and other major central banks made coordinated moves to enhance market liquidity. Ethereum continues to trade close to $1,800. Bitcoin

Bitcoin (BTC) started the week trading above $28,000, as markets responded to the deepening global banking crisis.

The coordinated action by several major G7 central banks comes as Credit Suisse was bought out by rival UBS, a move engineered by Swiss authorities.

BTC/USD jumped to an intraday peak of $28,527.72 earlier today, which comes a day after trading at a low of $27,196.76. Bitcoin chart by TradingView

As a result of the rally, bitcoin climbed to its strongest point since last June, with many now anticipating a move above $30,000.

Overall, this surge has sent prices into overbought territory, with the 14-day relative strength index (RSI) now tracking at 72.73.

The next visible point of resistance appears to be at 75.00, and should this be hit, there is a strong chance BTC will be at $30,000. Ethereum

On the other hand, ethereum (ETH) consolidated recent gains during Monday’s session, as prices fell below $1,800.

Following a high of $1,843.84 on Sunday, ETH/USD dropped to a bottom at $1,744.86 to start the week.

This drop comes as ethereum bulls appeared to be securing recent gains, days after ETH rose to its highest point since last August. Ethereum chart by TradingView

Overall, some are attributing the decline to the RSI, which fell below a long-term ceiling at the 66.00 mark.

At the time of writing, the index is tracking at 63.74, with a floor at 62.00 a possible target for bears.

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Could ethereum hit $2,000, and bitcoin hit $30,000 this month? Leave your thoughts in the comments below. Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: SOL Over 8% Higher to Start the Week MARKET UPDATES | 7 hours ago Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBlockchain to Become More Relevant in Payments This Year, Sberbank Exec Says Next articleSeveral Major Central Banks Take Coordinated Action to Boost Liquidity Amidst Banking Crisis Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItGoldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%

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