Market uncertainty in crypto was once again higher on Thursday, as traders continue to anticipate next week’s Fed decision. Following a drop to a one-month low during Wednesday’s session, BTC rebounded, with prices now hovering below $40,000. ETH too rallied and tried to breach the $2950 resistance.
Bitcoin
BTC was back in the green on Thursday, as bulls bounced back following yesterday’s drop, which sent prices to a one-month low.
BTC/USD was trading at its lowest level of $38,555.90 Wednesday. However, momentum has shifted today as prices hit an intraday peak of $39 7798.51.
This rebound saw the world’s largest cryptocurrency move past its long-term resistance level of $39,700, prior to tailing off.
As historical uncertainty crept into bulls’ lives, gains eased. Some chose to profit now rather than trying to make it through 40,000.
The chart shows that the 14-day RSI broke its resistance at 43 after a short stint below 40 and now tracks towards a higher ceiling, 45
Today’s bulls, who have not given up earlier positions, will likely look at that 45 RSI level as an ideal point to exit, when price will likely be above $40,000.
Ethereum
Thursday proved favorable to ETH bulls as the $2,780 long-term support level was strong enough to prevent a break.
ETH/USD climbed to a high of $2,939.98 earlier in today’s session, which comes after the price fell to a low of below $2,800 on Wednesday.
Moving away from its recent floor, today’s surge saw price move closer to resistance, however the rally wasn’t strong enough to break the $2,950 ceiling.
As of writing, the world’s second-largest token is trading marginally above $2,900, with relative strength also facing some obstacles.
A look at the chart will show that the RSI has a tracking level of 43.70. It is just slightly lower than its ceiling of 44.20. This could be the major obstacle in the path of any further gains.
If we can get rid of this barrier, we’ll likely see ETH tracking moving towards $3,100, not just above $3,000
Is next week’s Fed rate decision impacting the moves of crypto traders? Comment below to share your views.
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