Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $17,000 as Market Focus Turns to FOMC Minutes

Bitcoin moved person to the $17,000 level connected Tuesday, arsenic marketplace measurement begins to prime up pursuing the New Year’s celebrations. This comes arsenic traders crook their attraction to tomorrow’s Federal Open Market Committee (FOMC) minutes report. Ethereum besides continued to commercialized supra $1,200 successful today’s session.

Bitcoin

Bitcoin (BTC) edged person to the $17,000 level connected Tuesday, arsenic traders turned their attraction to Wednesday’s FOMC minutes report.

BTC/USD deed a precocious of $16,760.45 earlier successful today’s session, which comes little than 24 hours aft trading astatine a debased of $16,666.92.

Today’s enactment saw bitcoin adjacent a breakout of a semipermanent absorption level of $16,800, arsenic marketplace volatility remains precocious pursuing the New Year’s celebration.

BTC/USD – Daily Chart

As tin beryllium seen from the chart, Tuesday’s determination comes arsenic the 14-day comparative spot scale (RSI) approached a absorption level of its own.

Currently, the scale is tracking astatine 47.18, which is marginally beneath its constituent of absorption astatine the 48.00 mark.

This ceiling seems to beryllium the main hurdle stopping terms from extending gains, and moving supra the $17,000 zone.

Ethereum

In summation to BTC, ethereum (ETH) mostly consolidated connected Tuesday, with prices continuing to commercialized supra the $1,200 point.

Following a debased of $1,212.49 to commencement the year, ETH/USD deed a highest of $1,219.86 earlier successful today’s session.

As a effect of today’s move, ethereum moved person to a absorption level of $1,230, which has been successful spot since December 16.

ETH/USD – Daily Chart

Looking astatine the chart, ethereum was incapable to recapture this ceiling, arsenic the RSI of 14 days failed to interruption retired of a absorption astatine 49.00.

As of writing, the scale is tracking astatine 48.90, with bulls remaining adjacent to this constituent up of tomorrow’s FOMC report, which could beryllium the trigger to a imaginable terms surge.

After tomorrow’s report, attraction volition crook to Friday’s U.S. nonfarm payrolls (NFP), which could besides beryllium a catalyst for marketplace moves.

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Could we spot ethereum deed $1,300 by the extremity of the week? Leave your thoughts successful the comments below.

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