Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead of FOMC Meeting Results

Ethereum was marginally higher connected Feb. 1, arsenic markets hole for the upcoming Federal Open Market Committee (FOMC) gathering results. Many are expecting that the U.S. Federal Reserve volition summation rates by 25 ground points, taking existent rates to 4.75%. Bitcoin was successful the greenish connected Wednesday, arsenic prices roseate supra $23,000.

Bitcoin

Bitcoin (BTC) was backmost supra $23,000 successful today’s session, arsenic traders turned their attraction to this afternoon’s FOMC meeting.

After signaling a debased of $22,874.43 connected Tuesday, BTC/USD moved to an intraday precocious of $23,225.02 earlier today.

Today’s determination saw the world’s largest cryptocurrency concisely determination past an interim ceiling astatine the $23,200 level.

BTC/USD – Daily Chart

However, with volatility contiguous higher owed to the Fed meeting, prices person since moved backmost beneath this constituent and are presently trading astatine $23,045.02.

This took spot arsenic the 14-day comparative spot scale (RSI) continued to hover adjacent to a level astatine 68.00

As of writing, the scale is tracking astatine 69.83, and could stay astir this people until aft the Fed gathering concludes.

Ethereum

Ethereum (ETH) roseate marginally higher connected Wednesday, with prices moving person to the $1,600 zone.

ETH/USD roseate to a highest of $1,598.52 earlier successful the day, which comes pursuing a determination to a bottommost astatine $1,569.04 the time prior.

Like with bitcoin, ETH bulls were incapable to propulsion prices supra resistance, with earlier momentum easing arsenic of writing.

ETH/USD – Daily Chart

From the chart, it appears that the displacement successful sentiment has travel arsenic the RSI was incapable to determination past its ain ceiling astatine 58.00

Currently, the scale is tracking astatine 57.64, with the 10-day (red) moving mean besides changing its trend, and present downward facing.

Should this sentiment continue, it is highly apt that ETH volition autumn to a level astatine $1,550.

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Will cryptocurrencies rally pursuing this afternoon’s FOMC meeting? Leave your thoughts successful the comments below.

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