ETHwas on the verge of falling below $1,000 on Wednesday as markets began preparations for the latest Fed policy meeting. Many believe the FOMC will choose to raise rates today as inflation continues to peak. BTCwas also lower, hovering just above $20,000.
Bitcoin
BTCwas hovering just above $20,000 in today’s session as the market anticipated the latest FOMC policy meeting.
Following yesterday’s high of $22,729.56,BTC/USD sank to an intraday low of $20,178.38 earlier in the day.
As a result of this latest low, Bitcoin has now fallen for nine consecutive days, losing more than 30% of its value within that period.
This latest decline has now seenBTChit its lowest level since December 2020, hitting a 19-month low
Looking at the chart, the RSI is currently at 22, but if this drops to the 20 level, we may seeBTClower near $19,000.
Some believe this may happen today, depending on what the Fed decides regarding monetary policy changes.
Ethereum
ETHwas on the verge of falling below $1000 on Hump Day as traders in the world’s second largest crypto token were also waiting for the latest Fed decision.
On Wednesday,ETHfell to an intraday low of $1025.68, the lowest since last January.
Similar to Bitcoin, today’s action sawETHfall for a ninth straight day, with traders still scrambling to find a firm price.
This floor could be below $1000, and some still see $800 as a strong target for current market bears There are.
Overall, Ethereum is down about 40% over the past seven days, with today’s decline bringing its relative strength to an all-time low.
If the RSI continues to fall,ETHmay very well drop below $1000 and head towards $800.
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