Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $28,000 to Start ‘Uptober’

Bitcoin roseate supra the $28,000 level connected Monday, arsenic bullish sentiment returned to commencement what galore are calling the period of “Uptober.” The planetary crypto marketplace headdress was besides considerably higher successful today’s session, up astir 3% arsenic of writing. Ethereum remains supra $1,700.

Bitcoin

Bitcoin (BTC) started the period trading supra the $28,000 level, arsenic traders came successful beardown to statesman “Uptober.”

Following a debased of $27,056.29 connected Sunday, BTC/USD roseate to a highest of $28,488.74 earlier successful today’s session.

This surge pushed bitcoin to its strongest constituent since August 17, erstwhile terms was trading astatine a precocious of $28,751.

From the chart, the latest emergence successful momentum comes pursuing a breakout astatine the 68.00 level connected the 14-day comparative spot scale (RSI).

At the clip of writing, terms spot is tracking astatine 69.44, which is marginally beneath a higher ceiling of 70.00.

Should the indicator determination beyond this point, BTC volition participate overbought territory, which could beryllium a awesome to bears to reenter the market.

Ethereum

Ethereum (ETH) continued to commercialized supra the $1,700 level connected Monday, arsenic the cryptocurrency hovered adjacent a multi-week precocious of its own.

ETH/USD deed an intraday precocious of $1,750.60 to commencement the week, little than 24 hours aft trading astatine a debased of $1,670.08.

Similar to bitcoin, this rally has seen ethereum commercialized astatine its highest level since mid-August, aft breaking retired of a absorption constituent astatine $1,730.

A person look astatine the illustration volition besides amusement that an upward crossover betwixt the 10-day (red) and 25-day (blue) moving averages has occurred.

This typically is simply a bullish signal, nevertheless with ethereum’s RSI besides adjacent to being overbought, traders mightiness beryllium tentative earlier opting to amplify pressure.

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Will ethereum proceed to emergence successful the coming days? Leave your thoughts successful the comments below.