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

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Bitcoin surged towards $28,000 on Monday, as markets continued to react to the Securities and Exchange Commission (SEC) decision not to appeal the Grayscale ruling. The decision now means that Graycale could soon move to convert its bitcoin trust into an exchange-traded fund (ETF). Ethereum edged closer to $1,600 today.

Bitcoin

Bitcoin (BTC) was on the cusp of breaking into the $28,000 level on Monday, as markets reacted to the SEC’s decision not to appeal a court ruling favoring Grayscale.

BTC/USD surged to a peak at $27,968.93 earlier in today’s session, which comes following Sunday’s low at $26,817.89.

As a result of today’s move, bitcoin climbed to its strongest point since October 9, recovering all of last week’s losses in the process.

Earlier gains have since faded, with the relative strength index (RSI) failing to move beyond a resistance level of 60.00.

At the time of writing, price strength is now tracking at 58.98, with bitcoin hovering around the $27,800 mark.

Traders will likely make further strides towards $28,000 in the coming hours, and as the week progresses.

Ethereum

Ethereum (ETH) was also in the green to start the week, as price rose for a fourth straight session.

Following Sunday’s bottom at $1,550.88, ETH/USD raced to a peak of $1,588.45 earlier in the day.

The current bull run started after traders rejected a breakout below a support level of $1,540, and instead moved towards a ceiling at $1,590.

Bulls will possibly look to break this ceiling as the session progresses, however to do so an upcoming ceiling of 48.00 on the RSI will need to go.

As of writing, the index is tracking at 46.18, which is marginally below the aforementioned resistance level.

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Do you expect today’s sentiment to last throughout the week? Leave your thoughts in the comments below.