Banks Fleeing as Bitcoin and Ethereum Technical Analysis Suggests BTC Could Reach $25,000

On Tuesday, Bitcoin almost hit $25,000 as more and more people pulled out money from banks. Apparently, the withdrawal rates in places like JPMorgan and Citibank have increased to the highest levels they’ve been in 10 years! First Republic Bank dropped a lot too when their stock went down by over 60% on Monday. Additionally, Ethereum is doing better than it was earlier today.

Bitcoin Surging to its Strongest Point in Two Months!

Bitcoin continued to get stronger today as its value went up for four days in a row. A lot of people were putting their money into Bitcoin instead of investing in bank stocks which caused it to go higher. Yesterday, the price was at $21,918.20 and now it is more than $24,851.62!

Recently, price of Bitcoin rose significantly, which was its strongest point in two months. This shows that people who are investing in Bitcoin (bulls) feel strongly about it and want its price to reach $25,000. But we can also see that the strength of this surge is slowing down based on what an index called ‘Relative Strength Index’ (RSI) shows. At the moment, RSI is slightly below 66.00 while the price of Bitcoin stands at $24,368.14.

Ethereum Breaks Resistance Point and Passes Long-Term Ceiling!

Today, Ethereum (ETH) went up and was able to break a resistance point. ETH/USD peaked to $1,699.91, which is higher than the low of $1,576.06 in the actual day before. This move enabled it to go further and reach a three-week high that passed the long-term ceiling at $1,675. The chart below shows the performance of ETH/USD daily.

The chart shows that momentum has slowed down and currently, the RSI (an important measurement) is stuck at a resistance point at 62.00 so ETH bulls (people who want the price to go up) will need to overcome this if they want prices to rise towards $1,700. Right now, it’s at 60.28.

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Do you think ethereum will be worth more than $1,700 today? Write your opinions in the comments.

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