Bitcoin, Ethereum Technical Analysis: BTC Nears Fresh 9-Month High as Fed Meeting Looms
Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today’s Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. Ethereum briefly rose above $1,800 in today’s session.
Bitcoin (BTC) closed in on a fresh nine-month high in today’s session, as markets continued to anticipate today’s Federal Reserve rate decision.
Following a low of $27,785.11 on Tuesday, BTC/USD surged to an intraday peak of $28,439.56 earlier in today’s session.
The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week.
This latest surge in price comes as the 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00
As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory.
Traders are likely waiting for this afternoon’s announcement prior to attempting to move beyond this point.
Ethereum (ETH) was also back in the green on Wednesday, following a brief stint of consolidation the day prior.
ETH/USD moved to a high of $1,836.29 on hump-day, which comes less than 24 hours after trading at a low of $1,761.67.
Similar to bitcoin, Wednesday’s rally in price saw ETH near a recent high of $1,846, which is its strongest point since last August.
The 10-day (red) moving average (MA) has continued to trend upwards, extending its crossover with the 25-day (blue) MA.
However, price strength seems to be a barrier to further gains, with the index now tracking below a ceiling at 64.00
In order for bulls to extend gains, there will likely need to be a breakout of the aforementioned resistance level.
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Could ethereum hit $2,000 following today’s rate decision? Leave your thoughts in the comments below.