Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Near Multi-Month Lows Following Fed Rate Hike

News Feed - 2022-09-22 09:09:26

Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Near Multi-Month Lows Following Fed Rate Hike


Ethereum dropped below $1,300 on Thursday, as markets continued to react to the U.S. Fed’s latest decision to raise interest rates. Following speculation of a 100-basis-point hike, the Federal Reserve hiked rates by 0.75%, as it continues to struggle against rising consumer prices. Bitcoin also declined, moving close to the $18,000 level. Bitcoin


Bitcoin (BTC) moved closer to $18,000 on Thursday, as markets slipped following the latest U.S. Federal Reserve policy meeting


The Fed opted to increase interest rates by 75 basis points on Wednesday, with Chair Jerome Powell hinting at further moves, stating, “In my view, there’s a way to go.”


As a result of this, BTC/USD fell to an intraday low of $18,290.32, which is its lowest level in three months. BTC/USD – Daily Chart


Looking at the chart, the move saw bitcoin fall marginally below a support point of $18,300, with bulls reentering shortly after, sending prices higher.


As of writing, BTC is trading at $19,217.16, which is nearly $1,000 higher than the aforementioned low.


Prices may see some volatility however, as the 14-day relative strength index (RSI) has collided with a ceiling at 42.00, and if held, we could see bitcoin once again below $19,000. Ethereum


Like bitcoin, ethereum (ETH) saw its price decline following the Fed’s decision to hike rates, with the token falling below $1,300.


Following a high of $1,384.48 during yesterday’s session, ETH/USD dropped to a bottom of $1,229.43 earlier today.


In what is another similarity with BTC, the decline in price saw ethereum collide with a floor of $1,230. ETH/USD – Daily Chart


Bulls have since moved to lift the token higher, with the world’s second largest cryptocurrency trading at $1,307.80 as of writing.


The current price is close to a key resistance point of $1,315, and this comes as the RSI also nears a ceiling of its own.


Should ethereum bulls intend to move prices beyond this resistance above, the index, which is currently tracking at 37.67, will need to also move past a reading of 38.00.


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


Following yesterday’s announcement, can we expect crypto prices to rally in the coming days? 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 Hits 4-Month High, ALGO up 17% on Thursday MARKET UPDATES | 9 hours ago Biggest Movers: XRP Remains Close to 4-Month High, as LTC Rebounds on Wednesday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, PixieMe / Shutterstock.com Previous articleBinance Receives License to Offer More Crypto Services in Dubai Next articleSupraOracles Releases Roadmap to Mainnet While Starting 550+ Signed Web3 Project Integrations 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.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

News Feed

Japanese village turns to NFTs to help older adults
Yohan Yun59 minutes agoJapanese village turns to NFTs to help older adultsAccording to Yuri Group, the Yamakoshi village’s experimental NFT strategy could attract attention from other nations facing declining birth rat
This Bitcoin Price Range Could Be The Bulls’ Final Defense Line, Report Says
Este artículo también está disponible en español. A report from the on-chain analytics firm Glassnode has revealed a Bitcoin price region that could prove to be crucial f
Vitalik Buterin opts for faster Ethereum, EIP-7732 gives hope
Josh O"Sullivan56 minutes agoVitalik Buterin opts for faster Ethereum, EIP-7732 gives hopeEIP-7732 aims to make things easier for Ethereum validators by splitting their tasks and creating a committee to check if transact
Ezra Reguerra25 minutes agoPolkadot community PolkaWorld halts operations after failed funding bidBrushfam founder Markian Ivanichok claimed that the Polkadot ecosystem "doesn"t care about users" and expressed
XRP Targets $33 To $50 By September 2027, Research Firm Says
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
Ripple joins multi-chain DeRec Alliance for secrets management
Derek Andersen5 hours agoRipple joins multi-chain DeRec Alliance for secrets managementRipple joins the Hedera and Algorand Foundations and industry players to advance a recovery standard to rival ERC-4337.876 Total view
New Nigerian Central Bank Document Discusses Regulation of Stablecoins and ICOs
New Nigerian Central Bank Document Discusses Regulation of Stablecoins and ICOs According to a recently unveiled document, the Nigerian central bank will in the future be open to d
Asia’s Largest Web3 Event TOKEN2049 Hits 200 Sponsor Milestone, Announces New Headline Speakers
Asia’s Largest Web3 Event TOKEN2049 Hits 200 Sponsor Milestone, Announces New Headline Speakers press release SINGAPORE — 8 July 2022 — TOKEN2049, Asia’s prem
RNDR pumps 11% after Apple mentions Octane
Ciaran Lyons3 hours agoRNDR pumps 11% after Apple mentions OctaneA brief, three-second mention of Render’s Octane software in an Apple promo video was spotted by traders amid RNDR already witnessing significant price a
Cointelegraph Innovation Circle8 hours ago7 crypto leaders share tips to help Web3 companies prep for tax seasonWeb3 companies face unique challenges when it comes to prepping for tax season, and they need to employ smar
Bitcoin users spend record $2.4M in fees on halving block
Tom Mitchelhill6 hours agoBitcoin users spend record $2.4M in fees on halving blockThe 2024 halving block has gone down as the most expensive block ever mined in Bitcoin’s history — with users scrambling to inscribe
Nigerian High Court dismisses Binance exec’s suit over detention
Derek Andersen5 hours agoNigerian High Court dismisses Binance exec’s suit over detentionNadeem Anjarwalla escaped prison and traveled to Kenya, and his colleague will press his rights claims in court next month.1251 T