Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Some Expect Fed to Hike Rates by 1% 

Bitcoin fell beneath $19,000 connected Wednesday, arsenic markets prepared for a imaginable 100 ground constituent involvement complaint hike from the United States cardinal bank. Although the statement for a complaint summation remains astatine 0.75%, immoderate judge that with ostentation remaining astatine historically precocious levels, a 1.00% hike could beryllium connected the cards. Ethereum remained little connected the news, trading marginally supra $1,300.

Bitcoin

Bitcoin (BTC) fell beneath $19,000 earlier successful the day, arsenic traders began to hole for today’s Federal Open Market Committee (FOMC) meeting.

Market uncertainty remains rife arsenic speculation grows connected whether the Fed could spell arsenic acold arsenic raising rates by 100 ground points.

As a result, BTC/USD fell to a debased of $18,813.46 earlier today, a time aft hitting a highest supra the $19,600 level.

Looking astatine the chart, this astir caller driblet has pushed the 10-day (red) moving mean connected the brink of a downwards transverse with its 25-day (blue) counterpart.

Should this happen, we could spot bitcoin not lone gaffe beneath $19,000, but perchance driblet nether $18,000 for the archetypal clip since June.

As of writing, the token is trading astatine $19,153.66, arsenic prices proceed to consolidate anterior to this afternoon’s announcement.

Ethereum

Ethereum (ETH) was besides consolidating connected hump day, with the token trading marginally supra the $1,300 level.

Following a precocious of $1,378.68 connected Tuesday, ETH/USD moved to an intraday debased of $1,319.20 earlier today, arsenic sentiment successful crypto markets remained bearish.

Traders person been tentative successful caller days, opting to liquidate positions arsenic opposed to holding onto longs up of the complaint hike.

The emergence successful uncertainty besides came pursuing a collision connected the 14-day comparative spot scale (RSI), with the scale hitting a absorption point.

As of writing, the scale is tracking astatine 38.43, which is marginally beneath a ceiling of 39.00, presently the main obstacle preventing prices from climbing.

Although determination remains a precocious level of fearfulness successful the marketplace, should we spot a breakout of the aforementioned ceiling, ETH bulls whitethorn reenter the market, and effort to instrumentality terms supra $1,400.

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Will the Federal Reserve determine to hike rates by 0.75% oregon 1.00% today? Leave your thoughts successful the comments below.