Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,400 Support, BTC Hits $21,000 Prior to Federal Reserve Meeting

Ethereum fell below its recent floor of $1,500 earlier in today’s session, as bearish pressure intensified in crypto markets. Uncertainty in the market has heightened today, as traders prepare for yet another rate hike from the Fed. Bitcoin was also lower for a second consecutive day, as prices were on the cusp of falling under the $21,000 level.

Bitcoin

Bitcoin (BTC) extended its stint in the red during today’s session, as the token was on the cusp of falling below $21,000.

Following a high of $22,213.48 to start the week, BTC/USD slipped to an intraday low of $21,012.48 in today’s session.

The move saw the world’s largest cryptocurrency fall to its lowest level since last Monday, July 18, when prices were trading at a significant price floor.

This support point is the $20,600 level, which typically has been the last line of defense from bulls, preventing bearish sentiment from taking bitcoin below $20,000.

Looking at the chart, it looks as though we could be set to see BTC once again collide with this floor, as downside pressure seems to be gaining momentum.

The relative strength index (RSI) is also tracking below 50, which usually indicates that bears are currently dictating price movement.

Ethereum

Bears were seemingly dictating momentum in ethereum (ETH), as the token declined below $1,400 in today’s session.

ETH/USD, which was trading at a peak of $1,535.07 on Monday, is now trading at a low of $1,389.29 as of writing.

The decline has intensified as the session has progressed, coming ahead of tomorrow’s Federal Open Market Committee policy meeting.

As a result of this bearish sentiment, relative strength is now tracking at its lowest level in over ten days, with a reading of 51.

Overall, price declines have come shortly after the 14-day RSI moved into overbought territory last week, which bears used as a sign to reenter the market.

The current reading of the index is also a support point, and should this level hold firm, then we may see a rebound in price after tomorrow’s rate decision.

Register your email here to get weekly price analysis updates sent to your inbox:

How long do you expect the Federal Reserve to keep hiking rates? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/zsgbZip
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more