Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Higher Ahead of Fed Rate Decision

Bitcoin continues to commercialized adjacent to $18,000 connected Wednesday, arsenic markets stay bullish, pursuing the latest U.S. ostentation report. Following the data, which saw user prices emergence to 7.1%, galore expect the Federal Reserve to summation involvement rates by 50 ground points. Ethereum was besides higher today, and stayed adjacent to a five-week high.

Bitcoin

Bitcoin (BTC) was trading adjacent to the $18,000 level connected Wednesday, arsenic markets remained higher pursuing the latest U.S. ostentation report.

Following a debased of $17,412.19 connected Tuesday, BTC/USD surged to a highest of $17,930.09 earlier successful today’s session.

As a effect of this move, BTC continues to commercialized adjacent to its highest constituent since November 9, which is the past clip terms was supra $18,000.

BTC/USD – Daily Chart

Looking astatine the chart, this caller emergence successful momentum came arsenic the 14-day comparative spot scale (RSI) raced to its highest constituent since aboriginal November.

As of writing, the scale is tracking astatine the 60.00 mark, which is marginally beneath a cardinal ceiling astatine the 60.75 mark.

Should bitcoin ascent beyond this point, we could spot the coin erstwhile again determination supra the $18,000 point.

Ethereum

Ethereum (ETH) was besides trading adjacent a multi-week precocious successful today’s session, arsenic traders geared up for the U.S. Federal Reserve argumentation meeting.

Many expect the Fed to summation involvement rates by 50 ground points, pursuing the better-than-expected ostentation report.

ETH/USD deed a precocious of $1,341.44 connected Wednesday, which comes little than 24 hours aft trading astatine a bottommost of $1,289.23.

ETH/USD – Daily Chart

As tin beryllium seen from the chart, ethereum remains adjacent to a five-week high, with prices successful the greenish for a 3rd consecutive session.

Like with bitcoin earlier, the RSI is present hovering adjacent to a cardinal absorption level of 59.00, with a existent speechmaking of 58.06.

Market unit could intensify should bulls unit a breakout of this hurdle, perchance starring ETH towards $1,400.

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Do you expect the Federal Reserve to hike the benchmark complaint by much than 0.5%? Leave your thoughts successful the comments below.

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