Bitcoin, Ethereum Technical Analysis: ETH Near $1,700 as Fed Prepares to Keep Rate Hike
Federal Reserve get bitcoin moving up on Wednesday after comments from chairman Jerome Powell and of course in yesterday’s interview the chairman said that reality shows we’re going to react to data and that’s why if we For example, look at the strong labor market report or continue to get the inflation report, we may well understand that it may be a simple case that we have to do more and raise rates more than prices. which is necessary.
BTC/USD managed to hit a high of $23,367.96 earlier today and in less than 24 hours it definitely hit a low of $22,781.95 and looking at the chart we can understand That move pushed bitcoin to its strongest point and highest point in 4 days and with this we get it reaching the highest level of the 14-day Relative Strength Index. Certainly if we see, the index has risen from a higher level range of 65.00 during this period and it did not have enough strength to break out of this point. At the time of writing, the index is clocked at 62.92 and with this bitcoin is declining from earlier highs and is currently trading at $23,195.36.
Ethereum (ETH) also extended its gains in today’s session and in the process broke its key resistance level here and its price broke down. After moving to a certain level of $1,628.67 on Tuesday we can see the Ethereum/USD hump – during the day’s session we get to a peak of $1,688.53 and as a result of today’s gains we can see that the world The second largest cryptocurrency moves near its resistance level of $1675 and simultaneously its price and move like that of bitcoin pushed Ethereum to it’s all-time high of Saturday and pushed it to the highest point that is relative. The strength index also reached a four-day high. At the time of writing, the index is at a reading of 62.97, which is slightly below the range of 64.00. Certainly, in the coming day, Ethereum will try to break its resistance level, which will inevitably mean that the price will return above $1700.
