Ethereum fell below $1,300 on Thursday as the market continued to react to the US Fed’s latest rate hike decision, following speculation of a 100 basis point hike, with rising consumer prices The Fed raised rates by 0.75% as the market continued to struggle. Bitcoin also fell, approaching the $18,000 level.
Bitcoin
Bitcoin (BTC) approached $18,000 on Thursday as the market fell following the latest Federal Reserve policy meeting
The Fed opted to raise rates by 75bp on Wednesday, and Chairman Jerome Powell hinted at more moves, saying, “In my view, there’s a way to go.”
This resulted inBTC’s/USD fell to an intraday low of $18,290.32, a three-month low level.
The chart shows that this move took bitcoin just below the support point of $18,300, and shortly after, bulls re-entered the and you can see that the price rose.
As of this writing,BTCis trading at $19,217.16, nearly $1,000 above the aforementioned low.
However, prices may see some volatility as the 14-day Relative Strength Index (RSI) has collided with a ceiling of 42.00 and if held, could see Bitcoin drop below $19,000 again.
Ethereum
Like Bitcoin, Ethereum (ETH) also fell in price following the Fed’s decision to raise rates, with the token falling below $1300.
After hitting a high of $1,384.48 in yesterday’s session,for ETH/USD fell to a bottom of $1,229.43 earlier today.
Another similarity with BTC, the price drop saw Ethereum collide with a floor of $1,230.
The bulls then moved to lift the token higher and the world’s second largest cryptocurrency is trading at $1,307.80 as of this writing
The current price is close to a key resistance point at $1,315, as the RSI is also approaching its own ceiling.
If the bulls in Ethereum are going to move the price above this resistance above, the index, which is currently tracking at 37.67, should move past a reading of 38.00.
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