Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Cryptocurrency markets were volatile connected Thursday arsenic traders appeared to respond to the Federal Reserve’s determination to support involvement rates unchanged. Bitcoin and ethereum some saw terms uncertainty, arsenic markets present expect a March hike.

Bitcoin

After making a tally towards the $40,000 absorption connected Wednesday, trading supra $38,000 successful the process, BTC/USD fell to a debased of $35,690.05 earlier successful today’s league .

Thursday’s determination comes arsenic marketplace uncertainty wrong crypto increased, resulting successful today’s candlestick forming a doji, which typically means prices are neither bullish nor bearish.

Following this uncertainty, marketplace spot present hovers astatine the 30 RSI level, which means we are inactive wrong oversold territory.

This RSI level appears to beryllium a constituent of resistance, which whitethorn beryllium the origin of today’s inaction successful prices, resulting successful traders waiting to spot if a breakout could beryllium connected the cards.

Overall, short-term momentum continues to constituent upward, arsenic tin beryllium seen with the existent ascending triangle, which is keeping hopes of a $40,000 absorption people alive.

BTC/USD – Daily Chart

Many volition present hold to spot if this momentum continues connected Friday, into the upcoming weekend.

Ethereum

ETH was trading astir 5% little from yesterday’s high, nevertheless prices seemed to beryllium consolidating, opposed to selling off.

Following a precocious of $2,705.78 connected Wednesday, which saw ETH/USD concisely interruption into the 0.236 Fibonacci absorption level, prices contiguous fell to a debased of $2,366.13.

This driblet successful terms saw markets deed what appeared to beryllium a short-term enactment constituent of $2.390, which is an country wherever ETH has mostly traded this week.

Looking astatine its existent RSI trend, similarities tin besides beryllium drawn with BTC, with some tracking astatine oregon beneath 30.

ETH/USD – Daily Chart

Is this the cardinal indicator traders are presently looking astatine earlier taking connected caller positions? Leave your thoughts successful the comments below.

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