Bitcoin, Ethereum Technical Analysis: ETH, BTC Slightly Ahead of FOMC Meeting Outcomes
Bitcoin (BTC) moved above $23,000 in today’s session as traders focused on this afternoon’s Federal Open Market Committee meeting. After trading at a low of $22,874.43 on Tuesday, bitcoin moved as high as $23,225.02 earlier today and today’s move took the world’s largest cryptocurrency above an interim high at the $23200 level for a while. For moving forward was obtained. Whereas if we look at the Federal Reserve meeting, it has resulted in more volatility today and the price has come down from this point and is currently trading at $23,045.02. All of this, of course, only happens if the 14-day relative Strength Index (RSI) continues to hover near a floor at 68.00. As of writing, the index appears to be tracking at 69.83 and may remain around this mark until the end of the Federal Reserve meeting.
Ethereum also moved up a bit on Wednesday as its price is eyeing the $1600 area. If we go further, Ethereum has already reached a peak of $1,598.52 in the day after falling to a low of $1,569.04 the day before, and like Bitcoin, Ethereum is able to push this price above the resistance level. Was unable to and as of writing we can see that momentum has slowed down and from the charts we see that it was unable to cross its own high on the Relative Strength Index at 58.00. Currently this index is tracking us at 57.64 and in addition it is trending down with a 10 day red moving average.
Should this sentiment continue, it is likely that Ethereum will drop to a low of $1550.
