Bitcoin, Ethereum Technical Analysis: BTC Consolidates as FOMC Indicates Further Rate Hikes to Come

Bitcoin consolidated marginally beneath $17,000, arsenic marketplace volatility remained precocious pursuing the caller Federal Open Market Committee (FOMC) minutes. In December’s meeting, the U.S Federal Reserve agreed to support hiking rates, with ostentation inactive adjacent historical highs. Ethereum besides remained adjacent to caller highs connected Thursday.

Bitcoin

Bitcoin (BTC) mostly consolidated connected Thursday, arsenic terms failed to interruption retired of the cardinal level of $17,000 yesterday.

Following a precocious of $16,964.59 connected hump day, BTC/USD slipped to an intraday debased of $16,789.75 earlier successful the session.

The driblet comes arsenic markets reacted to the latest FOMC minutes, wherever the Fed person seemingly agreed to support involvement complaint hikes.

BTC/USD – Daily Chart

This comes arsenic the slope expects a much assertive emergence successful inflation, forecasting user prices to beryllium astatine 3.5% successful 2023, higher than the 3.1% antecedently expected.

Looking astatine the chart, the diminution successful terms besides comes arsenic the 14-day comparative spot scale (RSI) moved beneath a absorption portion of 51.00.

As of writing, the scale is present tracking astatine 49.14, and seems to beryllium moving towards a enactment level of 46.00.

Ethereum

In summation to BTC, ethereum (ETH) besides consolidated successful today’s session, with momentum marginally shifting connected Thursday.

ETH/USD dropped to a bottommost of $1,246.21 earlier successful the day, which comes little than 24 hours aft hitting a precocious of $1,264.81.

Despite the drop, sentiment remains somewhat bullish, arsenic ETH continues to commercialized supra its semipermanent absorption level astatine $1,230.

ETH/USD – Daily Chart

From the chart, the 10-day (red) and 25-day (blue) moving averages besides stay adjacent successful proximity, maintaining chances of an upwards crossover.

This seems to beryllium 1 of the factors successful spot that is keeping bullish sentiment alive. However, with the RSI present falling lower, this could statesman to change.

Since failing to interruption retired of a ceiling astatine the 57.00 level, terms spot is present tracking astatine 55.40.

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Could we spot bullish momentum instrumentality to ethereum this week? Leave your thoughts successful the comments below.

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