Bitcoin, Ethereum Technical Analysis: BTC Nearing $25,000 as Banks Face Exodus of Deposits

Bitcoin moved person to $25,000 connected Tuesday, arsenic banking withdrawals roseate pursuing the illness of Signature Bank and Silicon Valley Bank. Reports suggest that withdrawals astatine the likes of JPMorgan and Citibank are nearing a ten-year high. First Republic Bank has been different large steadfast to fall, with its banal dropping by implicit 60% connected Monday. Ethereum was besides higher successful today’s session.

Bitcoin

Bitcoin (BTC) extended caller gains connected Tuesday, arsenic prices roseate higher for a 4th consecutive session.

Banking stocks were importantly little to commencement the week, with investors seemingly moving superior towards cryptocurrencies.

Following a debased of $21,918.20 successful yesterday’s session, BTC/USD surged to an intraday highest of $24,851.62 earlier successful the day.

BTC/USD – Daily Chart

As a effect of the surge, bitcoin roseate to its strongest constituent since February 21, recovering from a caller two-month debased successful the process.

Overall, it appears that bulls are adamant and connected a collision people with a ceiling astatine $25,000, nevertheless momentum has eased, arsenic the comparative spot scale (RSI) nears its ain resistance.

At the clip of writing, the scale is tracking astatine 63.41, which is marginally beneath a partition astatine 66.00 with BTC present trading astatine $24,368.14.

Ethereum

Ethereum (ETH) besides moved higher successful today’s session, with prices breaking retired of a cardinal absorption constituent successful the process.

ETH/USD deed a precocious of $1,699.91 earlier connected Tuesday, which comes little than 24 hours aft hitting a debased of $1,576.06.

The determination came arsenic prices moved past a semipermanent ceiling astatine $1,675, hitting a three-week precocious successful the process.

ETH/USD – Daily Chart

Looking astatine the chart, momentum has somewhat slipped, which comes arsenic the RSI ran into an obstacle successful the signifier of a absorption point.

Price spot failed to determination beyond the aforementioned portion astatine 62.00, and arsenic of writing, the RSI is tracking astatine 60.28.

In bid to afloat interruption into the $1,700 region, ETH bulls volition archetypal request to get implicit this ceiling astatine 62.00.

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Will ethereum ascent supra $1,700 successful today’s session? Leave your thoughts successful the comments below.

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