Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Some Expect Fed to Hike Rates by 1% 

News Feed - 2022-09-21 10:09:19

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Some Expect Fed to Hike Rates by 1% 


Bitcoin fell below $19,000 on Wednesday, as markets prepared for a potential 100 basis point interest rate hike from the United States central bank. Although the consensus for a rate increase remains at 0.75%, some believe that with inflation remaining at historically high levels, a 1.00% hike could be on the cards. Ethereum remained lower on the news, trading marginally above $1,300. Bitcoin


Bitcoin (BTC) fell below $19,000 earlier in the day, as traders began to prepare for today’s Federal Open Market Committee (FOMC) meeting.


Market uncertainty remains rife as speculation grows on whether the Fed could go as far as raising rates by 100 basis points.


As a result, BTC/USD fell to a low of $18,813.46 earlier today, a day after hitting a peak above the $19,600 level. BTC/USD – Daily Chart


Looking at the chart, this most recent drop has pushed the 10-day (red) moving average on the brink of a downwards cross with its 25-day (blue) counterpart.


Should this happen, we could see bitcoin not only slip below $19,000, but potentially drop under $18,000 for the first time since June.


As of writing, the token is trading at $19,153.66, as prices continue to consolidate prior to this afternoon’s announcement. Ethereum


Ethereum (ETH) was also consolidating on hump day, with the token trading marginally above the $1,300 level.


Following a high of $1,378.68 on Tuesday, ETH/USD moved to an intraday low of $1,319.20 earlier today, as sentiment in crypto markets remained bearish.


Traders have been tentative in recent days, opting to liquidate positions as opposed to holding onto longs ahead of the rate hike. ETH/USD – Daily Chart


The rise in uncertainty also came following a collision on the 14-day relative strength index (RSI), with the index hitting a resistance point.


As of writing, the index is tracking at 38.43, which is marginally below a ceiling of 39.00, currently the main obstacle preventing prices from climbing.


Although there remains a high level of fear in the marketplace, should we see a breakout of the aforementioned ceiling, ETH bulls may reenter the market, and attempt to take price above $1,400.


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


Will the Federal Reserve decide to hike rates by 0.75% or 1.00% today? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: XRP Remains Close to 4-Month High, as LTC Rebounds on Wednesday MARKET UPDATES | 8 hours ago Biggest Movers: APE, XLM Move Close to 1-Month Highs MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLekki Free Zone Set to Partner Gluwa On Blockchain Technology Next articleCrypto Exchange Kraken Backs Enterprise-Grade Liquid Staking Protocol 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 ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

CEX.IO LOAN Experiences Massive Institutional Demand With Over $100 Million of Loan Requests
CEX.IO LOAN Experiences Massive Institutional Demand With Over $100 Million of Loan Requests PRESS RELEASE. CEX.IO LOAN experiences massive institutional demand
Price analysis 7/8: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Rakesh Upadhyay5 hours agoPrice analysis 7/8: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADABitcoin is facing intense selling pressure, but the positive divergence on the RSI suggests a recovery is possible in the nea
Brazil Approves First Latam Based Ethereum ETF
Brazil Approves First Latam Based Ethereum ETF Regulators from the CVM, the securities watchdog of Brazil, have approved the first Ethereum-based ETF in Latin Am
XRP Ready To Detonate—Analyst Sees 470% Surge On Deck
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Game Developers GSC Game World and Ubisoft Face Backlash About NFT Inclusion
Game Developers GSC Game World and Ubisoft Face Backlash About NFT Inclusion GSC Game World and Ubisoft, two game development companies, are dealing with backlash about the inclusi
MetaGods, The 8-Bit Action Role-Playing Blockchain Game
MetaGods, The 8-Bit Action Role-Playing Blockchain Game press release PRESS RELEASE. The gaming business is undergoing a revolution thanks to the advent of blockchain technology. Be
Ana Paula Pereira3 hours agoSam Bankman-Fried ‘doubled down’ by buying Binance’s stake in FTX — US prosecutorsThe prosecution is delivering its closing arguments at the Southern District Court of New York, where
Bitcoin Nears $76,000 Target Amid Price Correction — But Will This Support Hold?
Este artículo también está disponible en español. Over the past week, Bitcoin has experienced a strong market correction with prices falling as low as $80,000. Based on a
Tom Mitchelhill7 hours ago‘End of an era’ — Consensys sunsets Truffle, Ganache amid shift to MetaMask Snaps“No sugar coating this, it’s been a challenging few months,” said Truffle in a social media post on S
ISIKC – Where Deep Traditions Meet Innovation
ISIKC - Where Deep Traditions Meet Innovation This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional materia
Valkyrie launches 2x leveraged Bitcoin futures fund
Turner Wright7 hours agoValkyrie launches 2x leveraged Bitcoin futures fundThe investment vehicle is listed on the Nasdaq with the ticker symbol BTFX following the 2023 launch of a similar fund under BTFD.851 Total views
Aave Launches Web3, Smart Contracts-Based Social Media Platform Built on Polygon
Aave Launches Web3, Smart Contracts-Based Social Media Platform Built on Polygon The decentralized finance (defi) lending platform Aave has revealed the launch of a Web3 social med