Skip to content

Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,200, as Federal Reserve Set to Pivot Policy

  • Business

By Eliman Dambell

Ethereum moved back above $1,200 on Thursday, as markets continued to react to the latest Federal Open Market Committee (FOMC) minutes. Yesterday’s report hinted that the U.S. Federal Reserve could pivot to smaller interest rate increases “soon.” Bitcoin was largely unchanged in today’s session.

Bitcoin

Bitcoin (BTC) mostly consolidated on Thursday, following news that the U.S. Federal Reserve could be set to move away from its aggressive rate hike policy.

Wednesday’s FOMC minutes showed that “A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate.”

The news comes as inflation in the United States begins to slow down, following several back-to-back rate hikes.

Following a move to an intraday high of $16,771.48 on Wednesday, BTC/USD is trading at $16,544.58 as of writing.

Looking at the chart, this comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at 40.35.

Currently, the index is trading at the 39.90 level, with momentum now moving towards a downtrend, and in particular to a floor of 38.00.

Ethereum

On the other hand, ethereum (ETH) moved higher in today’s session, with the token climbing above the $1,200 level.

ETH/USD rose to a high of $1,211.63 earlier in the day, less than 24 hours after trading at a low of $1,153.53.

The move saw ethereum race above a recent resistance level of $1,180, hitting a five-day high in the process.

As can be seen from the chart, the rise in price comes as the RSI climbs above a ceiling at 42.00, and is currently tracking at 42.50.

Despite this, there is a higher point of resistance at 43.00, which triggered some earlier bulls to liquidate their positions.

In order to reach $1,250, which appears to be the target for remaining bulls, the RSI will first need to move beyond 43.00.

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

Source: Bitcoin News

Tags: