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

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.

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.

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.

Register your email here to get weekly price analysis updates sent to your inbox:

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