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Bitcoin Ethereum Technical Analysis: BTC ETH Remain Oversold Ahead of Todays Fed Rate Decision

BTC, ETH Remain Oversold Ahead of Today’s Fed Rate Decision

Bitcoin fell below a key resistance level on Wednesday, as markets prepare for the upcoming U.S. Federal Reserve interest rate decision. It is expected that the Fed will keep interest rates unchanged at 5.25%. Ethereum remained below $1,800 in today’s session.

Bitcoin

Bitcoin traded below a key price ceiling in today’s session, as traders began to anticipate this afternoon’s U.S. Federal Reserve rate decision.

BTC/USD dropped to a bottom at $25,728.37 earlier in the day, which comes less than a day after trading at a high of $26,376.35.

Today’s low comes as BTC bulls were unable to sustain a breakout above the aforementioned resistance of $26,300.

Bitcoin chart by TradingView

Overall, the relative strength index (RSI) of 14 days is also hovering around a ceiling of its own at 43.00.

At the time of writing, the index is tracking at 42.56, with BTC attempting to break into the $26,000 mark.

Should bulls manage to move beyond the obstacle on the RSI, there is a strong chance that price will climb past $26,300 with relative ease.

Ethereum

Ethereum (ETH) was largely consolidating on Tuesday, after nearing a breakout below $1,700 earlier in the week.

Following a high of $1,761.96 yesterday, ETH/USD slipped to an intraday low of $1,727.75 on Wednesday.

As a result of the decline, the world’s second largest cryptocurrency moved below a floor at $1,730.

Ethereum chart by TradingView

Bulls have since stabilized this support zone, which came as the RSI found its own floor at 38.00.

Price strength is now at 38.81, which is within the oversold region, and a possible positive for bulls looking to buy low.

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Could we see an influx of bulls buying ethereum after today’s rate decision? Leave your thoughts in the comments below.



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