Bitcoin, Ethereum Technical Analysis: ETH Drops From 7-Month High, as Market Volatility Heightens

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knife

Ethereum fell from a 7-month high March 24, as traders reacted to further uncertainty within the European banking sector. Shares in Deutsche Bank fell by as much as 13% in today’s session, following a spike in the cost of credit default swaps. Bitcoin briefly moved above $28,000 on the news.

Bitcoin

Bitcoin (BTC) was back above $28,000 on Friday, as fears of further banking collapses pushed traders towards cryptocurrencies.

Following a low of $27,359.25 on Thursday, BTC/USD raced to an intraday peak of $28,729.84 earlier in today’s session.

The move came as the cost of insuring against a bank default spiked, leading to a resurgence of market uncertainty.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:BTCUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

Overall, BTC has since slipped from earlier highs. However, prices are still higher than Thursday’s bottom.

As of writing, bitcoin is trading at $27,658.96, which comes as the relative strength index (RSI) dropped below a key floor at 65.00.

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

Ethereum

Ethereum (ETH) briefly traded above the $1,800 level in today’s session, prior to colliding with a key resistance level.

ETH/USD rose to a peak of $1,853.89 late on Friday, which came following a prior low of $1,745.02.

This surge sent ETH to its strongest point since last August, pushing prices marginally above a ceiling at $1,850 in the process.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:ETHUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

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

At the time of writing, ethereum is trading at $1,761.72, with the momentum of the moving averages still upwards facing.

This sentiment may soon shift, should the RSI break out of a floor at 56.00. The index is currently tracking at 56.62.

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