Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000, ETH Eyes $3,000 as Fed Meeting Looms

Following days of consolidation, bitcoin rallied supra $40,000 connected Tuesday, which comes arsenic markets hole for today’s Fed meeting. ETH besides climbed, moving distant from its caller enactment constituent successful the process.

Bitcoin

BTC yet broke retired of its caller streak of terms consolidation connected Tuesday, arsenic the world’s largest cryptocurrency climbed to astir a 1 week high.

Following a debased of $38,567.64 yesterday, BTC/USD has truthful acold risen to an intraday precocious of $41,717.45 truthful acold this session.

Today’s precocious saw BTC interruption past 1 absorption level astatine $40,590, but it mislaid steam erstwhile it approached the ceiling of $42,000.

BTC/USD – Daily Chart

Wednesday’s surge comes arsenic bulls re-entered the market, heading into the Federal Reserve’s argumentation meeting, wherever it is expected that involvement rates volition beryllium hiked by 25 ground points oregon 0.25%.

Looking astatine the chart, the RSI indicator shows this, with terms spot moving beyond its absorption of 49.6 for the archetypal clip since March 9.

Should this momentum beryllium sustained, traders volition apt people a higher precocious supra $42,000, perchance adjacent the $45,000 ceiling.

Ethereum

ETH was besides higher during today’s session, and arsenic of writing, was trading implicit 6% higher than yesterday’s debased of $2,526.40.

Following yesterday’s low, which fell beneath enactment of $2,550, ETH/USD deed a highest of $2,722.99 today, arsenic Jerome Powell readies himself for this afternoon’s meeting.

Although up, ETH has mislaid immoderate of its earlier gains, with the $2,750 constituent providing terms uncertainty, resulting successful bears viewing this arsenic an introduction point.

ETH/USD – Daily Chart

This comes arsenic the 14-day RSI besides appears to person tally into a partition of its own, with the 50.34 level acting arsenic a ceiling.

Should ETH beryllium capable to leap past some of these hurdles, we volition apt spot prices way supra $3,000, and this afternoon’s determination could beryllium the trigger.

Do you judge the Fed should clasp disconnected connected a complaint hike? Leave your thoughts successful the comments below.

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