Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week High Ahead of FOMC Minutes

Ethereum roseate to a three-week precocious connected Jan. 4, arsenic markets prepared for the merchandise of the latest Federal Open Market Committee (FOMC) minutes. Wednesday’s study volition apt amusement the U.S. Federal Reserve’s presumption connected the economy, and further item its reasoning down a argumentation pivot. Bitcoin was besides higher, rising to an eight-day high.

Bitcoin

Bitcoin (BTC) roseate to an eight-day precocious connected Wednesday, arsenic cryptocurrency markets climbed up of the latest FOMC minutes release.

Following a debased of $16,622.37 connected Tuesday, BTC/USD raced to an intraday precocious of $16,886.14 earlier today.

The determination saw BTC emergence supra a cardinal absorption level of $16,800, which is typically the past hurdle preventing terms from reaching $17,000.

BTC/USD – Daily Chart

As tin beryllium seen from the chart, today’s surge successful terms has sent bitcoin to its highest constituent since December 27, erstwhile it traded astatine $16,961.

Traders volition apt effort to determination supra $17,000 up of oregon straight aft the merchandise of the minutes report.

The rally comes arsenic the 14-day comparative spot scale (RSI) moves supra its ain ceiling astatine 49.00, and is presently tracking astatine 50.37.

Ethereum

Like BTC, ethereum (ETH) besides surged successful today’s session, with prices climbing to a multi-week high.

ETH/USD roseate to a highest of $1,253.12 earlier successful the day, which comes little than 24 hours aft trading astatine a debased of $1,207.49.

As a effect of today’s move, ethereum broke retired of a absorption level astatine $1,230, hitting its highest level since December 16 successful the process.

ETH/USD – Daily Chart

Looking astatine the chart, the surge came arsenic ETH broke retired of its absorption level connected the RSI astatine 50.00, and it is presently tracking astatine 55.73.

This displacement successful momentum comes arsenic the 10-day (red) moving mean neared an upwards crossover with its 25-day (blue) counterpart.

Should this transverse instrumentality place, we volition apt spot ethereum determination supra the $1,300 people successful the upcoming days.

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