Bitcoin, Ethereum Technical Analysis: BTC Consolidates as Markets Prepare for 0.75% Rate Hike

Bitcoin was consolidating beneath a cardinal absorption level connected Tuesday, arsenic marketplace volatility roseate up of the upcoming U.S. Fed decision. Tomorrow’s Federal Reserve gathering volition apt spot involvement rates increased, arsenic the slope battles inflation. Ethereum moved beneath $1,600 successful today’s session.

Bitcoin

Bitcoin (BTC) was trading beneath a cardinal absorption level connected Tuesday, up of tomorrow’s Federal Open Market Committee (FOMC) meeting.

Following a failed breakout of its $20,800 ceiling connected Monday, BTC/USD slipped to a debased of $20,287.46 earlier today.

Market uncertainty has spiked successful anticipation of the FOMC meeting, with galore expecting the Fed to summation rates by 0.75%.

BTC/USD – Daily Chart

As tin beryllium seen from the chart, terms volatility besides comes pursuing a failed surge successful terms strength, with the comparative spot scale (RSI) precocious failing to interruption a ceiling of its own.

The menace of a complaint hike has boosted U.S. dollar strength, which appears to beryllium 1 of the factors down today’s consolidation.

BTC volition apt proceed to hover beneath its $20,800 ceiling until the hostility of time has passed.

Ethereum

In summation to bitcoin, ethereum (ETH) besides moved little connected Tuesday, falling beneath $1,600 successful the process.

Following a highest of $1,630.45 to commencement the week, the world’s 2nd largest cryptocurrency moved to a debased of $1,555.92 today.

The driblet saw ETH/USD plunge beneath its caller ceiling of $1,585, with terms spot besides declining.

ETH/USD – Daily Chart

As of writing, the 14-day RSI is presently tracking astatine 66.71, which is marginally supra a level of 65.00.

Due to the scale continuing to inclination supra this floor, bullish sentiment seems to person stayed successful ETH, with prices present moving distant from earlier lows.

ETH is presently trading astatine $1,590.79, with traders attempting to nonstop the token backmost supra $1,600.

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Could we spot markets proceed to consolidate adjacent aft the Fed decision? Leave your thoughts successful the comments below.

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