• Bitcoin (BTC) started the week trading above $28,000 as markets responded to a deepening global banking crisis.
• Ethereum (ETH) consolidated recent gains during Monday’s session, falling below $1,800.
• Several major G7 central banks have made coordinated moves to enhance market liquidity.
Bitcoin Technical Analysis
Bitcoin (BTC) was trading above $28,000 on Monday, as cryptocurrencies extended a bull run to start the week. The coordinated action by several major G7 central banks comes as Credit Suisse was bought out by rival UBS, a move engineered by Swiss authorities. BTC/USD jumped to an intraday peak of $28,527.72 earlier today, which comes a day after trading at a low of $27,196.76. As a result of the rally, bitcoin climbed to its strongest point since last June, with many now anticipating a move above $30,000.
Ethereum Technical Analysis
On the other hand, ethereum (ETH) consolidated recent gains during Monday’s session, as prices fell below $1,800. Following a high of $1,843.84 on Sunday ETH/USD dropped to bottom at $1,744.86 to start the week. This drop comes as ethereum bulls appeared to be securing recent gains days after ETH rose to its highest point since last August .Overall some are attributing the decline in prices due RSI which fell below long term ceiling at 66 mark and is currently tracking at 63 .74 with floor at 62 possible target for bears
Federal Reserve Response
The Federal Reserve and other major central banks made coordinated moves in order to enhance market liquidity amidst this deepening global banking crisis that began when Credit Suisse was bought out by rival UBS and orchestrated by Swiss authorities
Expectations for Price Movement
The current surge has sent prices into overbought territory with 14-day relative strength index (RSI) now tracking at 72 .73 which could lead Bitcoin past 30k if next visible point of resistance is hit around 75 .00 .For Ethereum ,the anticipation is that it should consolidate recent gains with floor being targeted near 62 marks if RSI falls further
Conclusion
As Cryptocurrencies continue their bull run it remains uncertain what their future holds but one thing is certain that both Bitcoin & Ethereum are expected make significant price movements this month