Fun

Bitcoin, Ethereum Technical Analysis: BTC Nears Fresh 9-Month High as Fed Meeting Looms

News Feed - 2023-03-22 09:03:52

Bitcoin, Ethereum Technical Analysis: BTC Nears Fresh 9-Month High as Fed Meeting Looms


Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today’s Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. Ethereum briefly rose above $1,800 in today’s session. Bitcoin


Bitcoin (BTC) closed in on a fresh nine-month high in today’s session, as markets continued to anticipate today’s Federal Reserve rate decision.


Following a low of $27,785.11 on Tuesday, BTC/USD surged to an intraday peak of $28,439.56 earlier in today’s session.


The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week. Bitcoin chart by TradingView



This latest surge in price comes as the 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00


As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory.


Traders are likely waiting for this afternoon’s announcement prior to attempting to move beyond this point. Ethereum


Ethereum (ETH) was also back in the green on Wednesday, following a brief stint of consolidation the day prior.


ETH/USD moved to a high of $1,836.29 on hump-day, which comes less than 24 hours after trading at a low of $1,761.67.


Similar to bitcoin, Wednesday’s rally in price saw ETH near a recent high of $1,846, which is its strongest point since last August. Ethereum chart by TradingView



The 10-day (red) moving average (MA) has continued to trend upwards, extending its crossover with the 25-day (blue) MA.


However, price strength seems to be a barrier to further gains, with the index now tracking below a ceiling at 64.00


In order for bulls to extend gains, there will likely need to be a breakout of the aforementioned resistance level.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Could ethereum hit $2,000 following today’s rate decision? Leave your thoughts in the comments below. Eliman Dambell


Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: XRP Surges to Strongest Point Since November MARKET UPDATES | 8 hours ago Biggest Movers: XRP Hits 2-Month High, Despite Crypto Consolidation MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBlockchain Games Key to Onboarding a ‘Critical Mass of Users Onto Web3’ — Claudio Riff Next articleOnecoin Head of Legal and Compliance Charged for Role in Crypto Pyramid Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"


Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

News Feed

Retail Giant Walmart Enters the Metaverse With Walmart Land and Universe of Play on Roblox
Retail Giant Walmart Enters the Metaverse With Walmart Land and Universe of Play on Roblox Walmart has entered the metaverse with the launch of Walmart Land and Walmart’s Un
Blackrock Warns of Unprecedented Recession for 2023, Bull Markets Not Returning
Blackrock Warns of Unprecedented Recession for 2023, Bull Markets Not Returning Blackrock, one of the largest asset management companies in the world, has warned that 2023 will be
Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say
Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say Russian banks may be the main losers from the introduction of a digital ruble while retailers will sav
100-Year-Old Pennsylvania-Based Bank Approved to Leverage Makerdao’s Stablecoin Vault
100-Year-Old Pennsylvania-Based Bank Approved to Leverage Makerdao"s Stablecoin Vault Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, appr
Martin Young4 hours agoImmutable links with AWS in latest Web3 gaming pushThe blockchain gaming firm said it will gain access to a vast pipeline of game studio leads and support for successful deal closures.1334 Total vi
Aloha Browser Paves the Way Towards Web3 With Recent HNS Integration
Aloha Browser Paves the Way Towards Web3 With Recent HNS Integration press release PRESS RELEASE.Aloha Browser is paving the way towards a decentralized web with the recent Handshak
Nilam Resources flagged ‘buyer beware’ as shares pump over Bitcoin plans
Felix Ng3 hours agoNilam Resources flagged ‘buyer beware’ as shares pump over Bitcoin plansNilam Resources’ shares gained a blistering 1,700% after announcing it would buy 24,800 Bitcoin. Some say it’s a “marke
Visa Executive Says Crypto Is ‘Becoming Cool’ — Sees Whole New Class of Mainstream Consumers Entering the Space
Visa Executive Says Crypto Is "Becoming Cool" — Sees Whole New Class of Mainstream Consumers Entering the Space Visa’s head of crypto sees a “whole new class”
Ban on Crypto Mining in Residential Areas Proposed in Russia
Ban on Crypto Mining in Residential Areas Proposed in Russia Advisors to the Kremlin have suggested that home crypto mining should be banned in Russia, or in some of its regions. T
Arijit Sarkar13 hours agoDeSci-focused DAO community funds cancer researchVitaDAO community agreed to fund early-stage cancer research through the launch of a biotech company named Matrix Biosciences.1840 Total views8 To
Crypto Liquidations Cross $2.22 Billion, Here’s How Much Dogecoin Traders Lost
Este artículo también está disponible en español. The entire cryptocurrency market has experienced a steep decline over the past 24 hours, with its total market cap plung
UK watchdog worries about tech giants’ AI market control
Amaka Nwaokocha14 hours agoUK watchdog worries about tech giants’ AI market controlThe regulator acknowledges tech partnerships’ potential benefits but warns against dominant ones, which could harm competition.1136 T