Ethereum fell from a seven-month high on March 24 as traders reacted to further uncertainty within the European banking sector. Deutsche Bank’s stock fell as much as 13% in today’s session as the cost of credit default swaps skyrocketed. Bitcoin briefly moved above $28,000 on the news.
Bitcoin
Bitcoin (BTC) climbed back above $28,000 on Friday as fears of further bank collapses drove traders toward the cryptocurrency.
Following Thursday’s low of $27,359.25,BTC/USD ran up to an intraday peak of $28,729.84 earlier in the session today.
This follows a spike in premiums for bank defaults and a resurgence of uncertainty in the market.
Overall,BTCsubsequently fell from earlier highs. However, prices are still higher than Thursday’s lows.
At the time of this writing, Bitcoin is trading at $27,658.96, with the Relative Strength Index (RSI) below the important floor of 65.00.
The index is currently at 64.15, with the next support point at the 60.00 mark.
Ethereum
Ethereum (ETH) traded briefly above the $1,800 level in today’s session before hitting a key resistance line.
ETH/USD rallied to a peak of $1,853.89 late Friday, which came after an earlier low of $1,745.02.
This surge sentETHto its strongest since last August, in the process pushing prices just above the $1,850 ceiling.
ETHbulls were unable to sustain this breakout and subsequently gave way to the market’s short-selling bearish camp.
At the time of this writing, Ethereum is trading at $1761.72 and the moving average momentum remains up.
This sentiment could change quickly if the RSI breaks through the lower limit of 56.00. Currently, the index is hovering at 56.62.
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