Bitcoin, Ethereum Technical Analysis: ETH Nears $1,700, Fed Prepared to Maintain Rate Hikes

Ethereum closed successful connected the $1,700 level connected Wednesday, arsenic markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell. Speaking aft Tuesday’s session, Powell hinted that the Fed could proceed to hike rates, should the information amusement the request for action. Bitcoin was besides boosted by the news, climbing backmost into the $23,000 region.

Bitcoin

Bitcoin (BTC) moved higher connected Wednesday, pursuing comments from Federal Reserve Chair Jerome Powell.

Speaking yesterday, Powell stated, “The world is we’re going to respond to the data. So if we proceed to get, for example, beardown labour marketplace reports oregon higher ostentation reports, it whitethorn good beryllium the lawsuit that we person to bash much and rise rates much than is priced in.”

BTC/USD roseate to an intraday precocious of $23,367.96 earlier today, little than 24 hours aft hitting a debased of $22,781.95.

BTC/USD – Daily Chart

Looking astatine the chart, the determination pushed bitcoin to its strongest constituent successful 4 days, and came arsenic the 14-day comparative spot scale (RSI) ran into a ceiling.

The scale roseate to a ceiling astatine 65.00, nevertheless momentum was not beardown capable to interruption retired of this point.

As of writing, the scale is tracking astatine 62.92, with BTC falling from earlier highs, and presently trading astatine $23,195.36.

Ethereum

Ethereum (ETH) extended caller gains today, with prices breaking retired of a cardinal absorption constituent successful the process.

Following a debased of $1,628.67 connected Tuesday, ETH/USD jumped to a highest of $1,688.53 during the hump-day session.

As a effect of today’s gains, the world’s 2nd largest cryptocurrency climbed past a absorption level astatine $1,675.

ETH/USD – Daily Chart

Similar to bitcoin, this determination pushed ETH to its highest constituent since Saturday, with the RSI besides hitting a four-day peak.

At the clip of writing, the scale is astatine a speechmaking of 62.97, which is somewhat beneath a ceiling astatine 64.00.

ETH bulls volition apt effort to interruption this absorption successful the coming days, which volition inevitably mean prices determination backmost supra $1,700.

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