Bitcoin, Ethereum Technical Analysis: ETH Slips From 7-Month High As Market Volatility Increases

Ethereum declined from a 7-month high on March 24, as traders reacted to further uncertainty within the European banking sector. Deutsche Bank shares fell as much as 13% in today’s session after credit default swap costs rose. Bitcoin briefly rose above $28,000 on the news.

Bitcoin

Bitcoin (BTC) was back above $28,000 on Friday as fears of further downside breaks pushed traders towards the cryptocurrency.

After hitting a low of $27,359.25 on Thursday, BTC/USD rose to an intraday high of $28,729.84 in today’s session.

The move came as the cost of insuring against a bank default led to a resurgence of uncertainty in the market.

Overall, BTC has slipped from previous highs since then. However, the price is still higher than Thursday’s low.

As of writing, bitcoin is trading at $27,658.96, which appears to have fallen below a key floor at 65.00 in the form of the Relative Strength Index (RSI).

Currently, the index is tracking at 64.15, with the next visible point of support being at the 60.00 mark.

Ethereum

Ethereum (ETH) briefly traded above the $1,800 level in today’s session, before hitting a key resistance level.

ETH/USD reached a peak of $1,853.89 late Friday, following a previous low of $1,745.02.

This surge sent ETH to its strongest point since last August, pushing the price slightly above the $1,850 range in the process.

ETH bulls were unable to sustain this breakout, which has since given way to bears in the market lower.

At the time of writing, Ethereum is trading at $1,761.72, with the moving averages still in an uptrend.

This sentiment may soon change if the RSI breaks out from a floor at 56.00. The index is currently tracking at 56.62.

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Will Ethereum break below $1,700 this weekend? Leave your thoughts in the comments below.

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source: news.bitcoin.com