Bitcoin, Ethereum Technical Analysis: BTC Consolidates Near $28,000, as First Citizen Agrees to Acquire Silicon Valley Bank
Bitcoin started the week trading around the $28,000 mark, as markets reacted to the news that Silicon Valley Bank was to be acquired. First Citizen Bank agreed to buy approximately $72 billion in SVB assets, at a discounted rate of $16.5 billion. Ethereum continued to trade under $1,800 on Monday.
Bitcoin (BTC) started the week trading marginally higher, with prices hovering near the $28,000 level.
Following a bottom at $27,678.15 on Sunday, BTC/USD moved to a high of $28,178.14 earlier in today’s session.
The move saw bitcoin edge towards a recent resistance point at the $28,300 mark, which was last hit on Friday.
Overall, BTC has mostly consolidated on Monday, which comes as the 14-day relative strength index (RSI) collided with a ceiling at the 65.00 zone.
As of writing, the index is tracking at the 64.51 level, with the next visible point of support at the 62.00 mark.
Should bulls take price strength below this point, there is a strong possibility that BTC could move below $27,000.
Ethereum (ETH) largely consolidated on Monday, as prices moved away from a key price floor in today’s session.
ETH/USD jumped to a peak of $1,797.88 earlier in the day, which comes less than 24 hours after falling to a low of $1,748.44.
Since hitting a seven-month high of $1,861 last Thursday, the world’s second largest cryptocurrency has mostly traded below $1,800.
Overall, ethereum is down 1.19% from the same point last week, with prices mostly moving between a floor of $1,730, and a ceiling at $1,820.
The 10-day (red) moving average has now begun to shift direction, with upwards momentum now fading.
Prices may continue to trend sideways heading into April, unless some unexpected news moves markets.
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Do you expect ethereum to finish the month below $1,800? Leave your thoughts in the comments below.