Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Near Multi-Month Lows Following Fed Rate Hike

Ethereum dropped below $1,300 on Thursday, as markets continued to react to the U.S. Fed’s latest decision to raise interest rates. Following speculation of a 100-basis-point hike, the Federal Reserve hiked rates by 0.75%, as it continues to struggle against rising consumer prices. Bitcoin also declined, moving close to the $18,000 level.

Bitcoin

Bitcoin (BTC) moved closer to $18,000 on Thursday, as markets slipped following the latest U.S. Federal Reserve policy meeting

The Fed opted to increase interest rates by 75 basis points on Wednesday, with Chair Jerome Powell hinting at further moves, stating, “In my view, there’s a way to go.”

As a result of this, BTC/USD fell to an intraday low of $18,290.32, which is its lowest level in three months.

Looking at the chart, the move saw bitcoin fall marginally below a support point of $18,300, with bulls reentering shortly after, sending prices higher.

As of writing, BTC is trading at $19,217.16, which is nearly $1,000 higher than the aforementioned low.

Prices may see some volatility however, as the 14-day relative strength index (RSI) has collided with a ceiling at 42.00, and if held, we could see bitcoin once again below $19,000.

Ethereum

Like bitcoin, ethereum (ETH) saw its price decline following the Fed’s decision to hike rates, with the token falling below $1,300.

Following a high of $1,384.48 during yesterday’s session, ETH/USD dropped to a bottom of $1,229.43 earlier today.

In what is another similarity with BTC, the decline in price saw ethereum collide with a floor of $1,230.

Bulls have since moved to lift the token higher, with the world’s second largest cryptocurrency trading at $1,307.80 as of writing.

The current price is close to a key resistance point of $1,315, and this comes as the RSI also nears a ceiling of its own.

Should ethereum bulls intend to move prices beyond this resistance above, the index, which is currently tracking at 37.67, will need to also move past a reading of 38.00.

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

Following yesterday’s announcement, can we expect crypto prices to rally in the coming days? Leave your thoughts in the comments below.



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

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more