Bitcoin, Ethereum Technical Analysis: BTC Nears $28,000 as Hopes for Grayscale’s ETF Rise

Bitcoin surged towards $28,000 connected Monday, arsenic markets continued to respond to the Securities and Exchange Commission (SEC) determination not to entreaty the Grayscale ruling. The determination present means that Graycale could soon determination to person its bitcoin spot into an exchange-traded money (ETF). Ethereum edged person to $1,600 today.

Bitcoin

Bitcoin (BTC) was connected the cusp of breaking into the $28,000 level connected Monday, arsenic markets reacted to the SEC’s determination not to entreaty a tribunal ruling favoring Grayscale.

BTC/USD surged to a highest astatine $27,968.93 earlier successful today’s session, which comes pursuing Sunday’s debased astatine $26,817.89.

As a effect of today’s move, bitcoin climbed to its strongest constituent since October 9, recovering each of past week’s losses successful the process.

Earlier gains person since faded, with the comparative spot scale (RSI) failing to determination beyond a absorption level of 60.00.

At the clip of writing, terms spot is present tracking astatine 58.98, with bitcoin hovering astir the $27,800 mark.

Traders volition apt marque further strides towards $28,000 successful the coming hours, and arsenic the week progresses.

Ethereum

Ethereum (ETH) was besides successful the greenish to commencement the week, arsenic terms roseate for a 4th consecutive session.

Following Sunday’s bottommost astatine $1,550.88, ETH/USD raced to a highest of $1,588.45 earlier successful the day.

The existent bull tally started aft traders rejected a breakout beneath a enactment level of $1,540, and alternatively moved towards a ceiling astatine $1,590.

Bulls volition perchance look to interruption this ceiling arsenic the league progresses, nevertheless to bash truthful an upcoming ceiling of 48.00 connected the RSI volition request to go.

As of writing, the scale is tracking astatine 46.18, which is marginally beneath the aforementioned absorption level.

Register your email present to get play terms investigation updates sent to your inbox:

Do you expect today’s sentiment to past passim the week? Leave your thoughts successful the comments below.