Bitcoin, Ethereum Technical Analysis: ETH Above $1,600 as Markets Begin to Anticipate Fed Rate Decision

Ethereum was trading supra $1,600 connected Monday, arsenic markets prepared for the latest U.S. Federal Reserve argumentation meeting. The Fed is expected to hike rates by 75 ground points this week, arsenic ostentation remains astatine humanities highs. Bitcoin besides rebounded, hovering marginally beneath $21,000 successful today’s session.

Bitcoin

Bitcoin (BTC) remained person to $21,000 connected Monday, arsenic markets rebounded from yesterday’s sell-off.

Following Sunday’s debased of $20,461.72, BTC/USD surged to an intraday highest of $20,791.67 earlier today.

The determination sees the token borderline person to Saturday’s precocious of $21,080, which was the strongest constituent the token had deed since September 13.

BTC/USD – Daily Chart

Looking astatine the chart, Monday’s surge sent BTC adjacent to its semipermanent terms absorption of $20,800, which hasn’t genuinely been breached since aboriginal September.

Price spot has besides rebounded, with the 14-day comparative spot scale (RSI) present tracking astatine 61.47, which is adjacent to its ain ceiling of 63.00.

In bid for BTC to determination past $21,000, bullish unit volition archetypal request to flooded this existent threshold connected the RSI.

Ethereum

Ethereum (ETH) was besides successful the greenish to commencement the week, arsenic the token continued to commercialized supra $1,600.

ETH/USD moved to a precocious of $1,623.68 earlier successful today’s session, which comes little than 24 hours aft trading astatine a debased of $1,567.57.

Today’s emergence successful prices comes arsenic the world’s 2nd largest cryptocurrency climbed supra its ceiling of $1,585.

ETH/USD – Daily Chart

As tin beryllium seen from the chart, the upward crossover of the 10-day (red), and 25-day (blue) moving averages seems to beryllium reaching a summit, which could beryllium a motion of slowing momentum.

The RSI is besides successful overbought territory, which means bears could beryllium already positioning themselves for reentry.

Wednesday’s United States Federal Open Market Committee (FOMC) gathering could apt beryllium the trigger which either extends existent momentum, oregon shifts its direction.

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Do you expect ETH to deed $1,700 earlier oregon aft the Fed complaint decision? Leave your thoughts successful the comments below.

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