Bitcoin, Ethereum Technical Analysis: BTC Consolidates Near $28,000, as First Citizen Agrees to Acquire Silicon Valley Bank

Bitcoin began the week buying and selling across the $28,000 mark, as markets reacted to the information that Silicon Valley Bank was to be acquired. First Citizen Bank agreed to purchase roughly $72 billion in SVB property, at a reduced charge of $16.5 billion. Ethereum continued to commerce underneath $1,800 on Monday.

Bitcoin

Bitcoin (BTC) began the week buying and selling marginally larger, with costs hovering close to the $28,000 stage.

Following a backside at $27,678.15 on Sunday, BTC/USD moved to a excessive of $28,178.14 earlier in right now’s session.

The transfer noticed bitcoin edge in direction of a current resistance level on the $28,300 mark, which was final hit on Friday.

Overall, BTC has principally consolidated on Monday, which comes because the 14-day relative power index (RSI) collided with a ceiling on the 65.00 zone.

As of writing, the index is monitoring on the 64.51 stage, with the subsequent seen level of help on the 62.00 mark.

Should bulls take worth power under this level, there’s a robust chance that BTC may transfer under $27,000.

Ethereum

Ethereum (ETH) largely consolidated on Monday, as costs moved away from a key worth ground in right now’s session.

ETH/USD jumped to a peak of $1,797.88 earlier within the day, which comes lower than 24 hours after falling to a low of $1,748.44.

Since hitting a seven-month excessive of $1,861 final Thursday, the world’s second largest cryptocurrency has principally traded under $1,800.

Overall, ethereum is down 1.19% from the identical level final week, with costs principally transferring between a ground of $1,730, and a ceiling at $1,820.

The 10-day (purple) transferring common has now begun to shift course, with upwards momentum now fading.

Prices could proceed to pattern sideways heading into April, until some surprising information strikes markets.

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