Bitcoin climbed over the $28,000 level late on Tuesday, as markets reacted to the news that Grayscale had won its battle with the SEC. The ruling over the U.S. Securities and Exchanges Commission boosted crypto prices across the board, with bulls returning to action. Ethereum also surged, moving above $1,700.
Bitcoin
Bitcoin moved back over the $28,000 level during the last several hours, following Grayscale’s court win over the Securities and Exchanges Commission.
After trading at a low of $25,998.08 earlier in the day, BTC/USD peaked at $28,089.34 late on Tuesday.
This pushed the world’s largest cryptocurrency to its highest point since August 17, when price was on the cusp on $29,000.
Earlier gains have since fallen, as traders have seemingly captured profits, with bitcoin now trading at $27,353.52.
From the chart, this comes as the relative strength index (RSI), reached a ceiling of 53.00, before falling lower.
As of writing this, the index is now tracking at 48.52.
Ethereum
In addition to bitcoin, ethereum (ETH) bulls made an appearance over the past 24-hours, pushing price above $1,700 in the process.
ETH/USD rose to an intraday high of $1,742.64 during Tuesday’s session, after trading by as much as $100.00 lower earlier in the day.
Like with BTC, this saw ethereum move to its highest level in almost two-weeks, and close to a resistance level of $1,750.
This rally has since lost momentum, with price strength running into a wall at the 49.00 mark, and is now at a reading of 46.85.
A floor of 41.00 now awaits, in the event bulls continue to capture recent profits, giving way to bears to reenter.
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Will ethereum fall below $1,700 once again this week? Leave your thoughts in the comments below.