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Bitcoin, Ethereum Technical Analysis: BTC Consolidates Recent Gains, as Traders Anticipate Powell Speech

BTC Consolidates Recent Gains, as Traders Anticipate Fed Powell Speech

Bitcoin profit takers swooped in to capture recent profits on Wednesday, as the cryptocurrency retreated below a recent high above $35,000. The decline comes ahead of Federal Reserve Chair Jerome Powell’s speech later today. Ethereum also edged lower, dropping under the $1,800 level.

Bitcoin

Bitcoin was trading lower on Wednesday, as traders appeared to have finally decided to secure profits, following recent gains.

BTC/USD slipped to an intraday low of $33,278.40 late in yesterday’s session, after an earlier peak above the $35,000 mark.

Although bulls have since pushed the cryptocurrency higher, with the price now at $34,246.74, it remains below heights seen on Tuesday.

Bitcoin chart by TradingView

One reason for this being the relative strength index (RSI), which was significantly overbought on Tuesday, tracking around 89.00.

Currently, the index is at a reading of 87.22, which is marginally lower, but still remains primed for a reversal.

Today’s speech could be the storm that traders are waiting to clear, before either intensifying recent momentum, or selling off further.

Ethereum

Ethereum (ETH) retreated below the $1,800 level on Wednesday, snapping a six-day winning streak.

Following a high of $1,852.68 during yesterday’s session, ETH/USD fell to a low of $1,758.69 earlier in the day.

ETH has since rebounded, marginally, and is now trading at $1,784.57, which is over 3% lower than Tuesday’s peak.

Ethereum chart by TradingView

Overall sentiment remains largely positive, with the 10-day (red) moving average extending its upward trend versus its 25-day (blue) counterpart.

Although the RSI in ethereum is also overbought, and tracking above 70.00, bulls could attempt to push the price above $1,900 in this upcycle.

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How will today’s Fed speech impact crypto prices? Leave your thoughts in the comments below.



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