Bitcoin, Ethereum Technical Analysis: ETH up to 2-Week High Following Fed Rate Hike

Ethereum climbed to a two-week precocious connected Thursday, arsenic markets continued to respond to yesterday’s Fed decision. As expected, the Federal Reserve accrued involvement rates by 0.25%, whilst providing guardant guidance for aboriginal hikes. BTC was erstwhile again trading supra $40,000.

Bitcoin

BTC was trading supra $40,000 for a 2nd consecutive session, arsenic bullish unit remained wrong the world’s largest cryptocurrency.

This momentum comes arsenic traders were somewhat relieved by the Fed’s determination to assistance rates, which helped region immoderate caller marketplace tension.

As of writing, BTC/USD is 1.4% higher than yesterday’s low, and has risen to an intraday precocious of $41,323.26 during today’s session.

BTC/USD – Daily Chart

Even if a transverse does occur, marketplace uncertainty volition apt stay until the existent ceiling of $42,100 is broken.

This whitethorn lone hap erstwhile different absorption constituent has been passed, this clip successful the signifier of the 14-day RSI.

As seen from the chart, the RSI is tracking astatine 53, which is marginally beneath its ceiling of 54.4. Bulls are apt anticipating a interruption beyond this point, anterior to intensifying upside pressure.

Ethereum

ETH rallied to its highest level since March 4 during today’s session, arsenic it approaches a caller absorption level supra $2,800.

Following yesterday’s debased of $2,647.29, ETH/USD deed a highest of $2,807.80 connected Thursday, arsenic traders continued to propulsion prices astir from the semipermanent support.

Whilst we determination distant from enactment astatine $2,550, ETH is present connected a clang people for absorption astatine $2,850, a level which hasn’t been breached successful implicit 2 weeks.

ETH/USD – Daily Chart

Unlike BTC, terms spot successful ethereum appears to person peaked, arsenic the 14-day RSI indicator presently sits close beneath absorption of 54.9.

This ceiling has not been breached since mid-February, and erstwhile it yet does springiness way, we volition apt beryllium looking astatine the $3,000 level.

Could we spot ETH supra $3,000 earlier the weekend? Leave your thoughts successful the comments below.

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