Bitcoin traded slightly higher Wednesday as cryptocurrency markets returned to the green ahead of the Fed meeting. ETH also rebounded in today’s session, moving away from its long-term support level.
Bitcoin
BTC traded higher on Wednesday as bulls re-entered the market ahead of today’s U.S. Federal Reserve rate decision.
After hitting $37,585.62 during Tuesday’s session, BTC/USD rose to an intraday peak of $39,095.11 earlier today.
This move came as bitcoin used the recent $37,500 support point as a springboard and in the process bounced to its highest point this week.
This bounce occurred when the bull herd broke through the gate and broke the main ceiling of the RSI indicator.
Looking at the chart, this resistance was at 42.20, and after the breakout, price strength is now at its highest level since April 21.
Price is now tracking at 45.50, with a further ceiling expected at 48.70, where the current bullish momentum is likely to be tested and some are likely to lock in profits and exit their positions.
Ethereum
The price of ethereum also rebounded slightly on Fed Day as it also moved further away from its long-term support.
Wednesday so far has seen ETH/USD hit an intraday high of $2,876.42, up about 0.9% from yesterday’s bottom of $2,762.12.
This low was reached when prices briefly dipped below the $2,780 support level. However, history repeated itself and the bulls re-entered the market at this level, as they have done countless times before.
Similarly BTC, price strength on the ETH chart is also near the ten-day peak, but the approaching ceiling may also reduce the chances of further progress.
As you can see on the chart, that ceiling is the 47.70 level of the Relative Strength Index, but simply reaching that mark should be enough for the price to reach $2,950.
In order to overcome this resistance and get beyond $3,000, we will probably need an influx of new bulls to maintain upward pressure.
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