IMG-LOGO

Bitcoin, Ethereum Technical Analysis: BTC Jumps Back Above $28,000, Following Easter Break

News Feed - 2023-04-10 09:04:38

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


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. Bitcoin chart by TradingView



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. Ethereum


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. Ethereum chart by TradingView



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.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Will ethereum continue to move higher this week? Leave your thoughts in the comments below. Eliman Dambell


Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: DOGE, SHIB Consolidate to Start the Week MARKET UPDATES | 8 hours ago Biggest Movers: ADA Extends Gains, as SOL Consolidates on Saturday MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Crypto Exchange Binance in New Partnership that Seeks to Deepen Crypto Adoption in Africa Next articleEconomists Expect the Fed to Reveal Another 25bps Rate Hike Before Pausing for the Rest of 2023 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether