Bitcoin, Ethereum Technical Analysis: BTC Jumps Back Above $28,000, Following Easter Break
Bitcoin started the week climbing back above $28,000, as markets returned from the Easter holidays. The move saw the world’s largest cryptocurrency briefly break out of a key resistance level of $28,500. Ethereum was also higher, as it closed in on the $1,900 level.
Bitcoin (BTC) was back above $28,000 to start the week, as market sentiment shifted towards the bulls following the Easter break.
BTC/USD rose to a high of $28,532.83 earlier in today’s session, after trading at a low of $27,828.48 the day before.
As a result of the move, BTC/USD marginally moved past a ceiling at $28,500, however momentum has since shifted.
Initially, today’s rally came as the 14-day relative strength index (RSI) bounced from a recent floor at 58.00
As of writing, the index is tracking at 61.07, with the next visible point of resistance at the 65.00 mark.
BTC is trading at $28,327.63 at the time of writing.
In addition to BTC, ethereum (ETH) was also higher on Monday, with prices closing in on the $1,900 level.
Following a low of $1,828.78 on Sunday, ETH/USD climbed to a peak of $1,873.06 to start the week.
Today’s jump in price came as bulls re-entered the market, after a brief breakout below a floor at $1,830.
Earlier gains have since eased, which comes as a result of the RSI nearing a key resistance point of 62.00.
As of writing, price strength is at a reading of 58.83, with the index closing in on a ceiling at 62.00.
Should ETH move beyond this point, it is likely that prices will surge above $1,900.
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Will ethereum continue to move higher this week? Leave your thoughts in the comments below.