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

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

Bitcoin

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bitcoin (B T c) rallied near $18,000 on Thursday, as markets tumble after the latest US Federal Reserve policy meeting

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The Fed opted to raise interest rates by 75 basis points on Wednesday, with Chair Jerome Powell pointing out further steps, saying “in my view, there is a way to go.”

as a result of this, B T c/USD fell to an intraday low of $18,290.32, its lowest level in three months.

B T c/USD – Daily Chart
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Looking at the charts, the move caused bitcoin to drop slightly below the $18,300 support point, and the bulls soon re-entered, propelling the price.

as of writing, B T c is trading at $19,217.16, about $1,000 above the above low.

However, the price could see some volatility as the 14-day Relative Strength Index (RSI) hit the 42.00 range, and if held, we could see bitcoin falling below $19,000 once again. can see.


Ethereum

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

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

What is another similarity with B T cThe price drop saw Ethereum hitting the $1,230 floor.

ETH/USD – Daily Chart

Since then, the bulls have proceeded to lift the coin, the world’s second largest cryptocurrency trading at $1,307.80 as of writing.

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

Should Ethereum bulls intend to propel the price above this resistance, the index, currently tracking at 37.67, will also need to move above the reading of 38.00.

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After yesterday’s announcement, can we expect a rally in crypto prices in the coming days? Give your thoughts in the comment below.

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Credit : news.bitcoin.com

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