Bitcoin, Ethereum Technical Analysis: BTC Hits Fresh 9-Month High as Fed Meeting Looms
Bitcoin edged closer to a new nine-month high on Wednesday as markets prepared for today’s Federal Reserve interest rate decision. The Fed is expected to raise rates by 0.25% despite inflation falling to 6% last month. Ethereum briefly climbed above $1,800 in today’s session.
Bitcoin (BTC) closed at a nine-month high in today’s session as markets were anticipating today’s Federal Reserve rate decision.
After hitting a low of $27,785.11 on Tuesday, BTC/USD rose to a one-day high of $28,439.56 in today’s session.
The move takes bitcoin back to its most recent nine-month high, recorded earlier in the week.
This latest surge in price came after the 14-day Relative Strength Index (RSI) attempted to break out of the higher range at 72.00.
At the time of writing, the index is tracking at 71.70, its highest reading since early February, and is in overbought territory.
Traders await an announcement this afternoon before attempting to move from this point.
Ethereum (ETH) was also back in the green on Wednesday, following a brief halt in consolidation the day before.
The ETH/USD move to a hump-day high of $1,836.29 comes less than 24 hours after trading at a low of $1,761.67.
Similar to bitcoin, Wednesday’s price rally saw ETH close to its recent high of $1,846, its strongest point since last August.
The 10-day (red) moving average (MA) has continued its upward move, extending its crossover with the 25-day (blue) MA.
However, the strength in prices seems to be a hindrance for further gains, as the index is now trading below the 64.00 high range.
The above resistance level will likely get broken to extend the gains for the bulls.
Register your email here to receive weekly price analysis updates delivered to your inbox,
Could Ethereum Hit $2,000 After Today’s Rate Decision? Leave your thoughts in the comments below.
image credit: shutterstock, pixabay, wikicommons
more popular news
In Case You Missed It