Following a historic Federal Reserve rate hike, Bitcoin traded at $20,000 above its previous low on Thursday. The Fed raised rates by 0.75 percent last month after inflation rose in the United States to an all-time high of 8.6%. ETH had a marginally lower level today.
Bitcoin
BTC rose marginally on Thursday due to market reaction to Federal Reserve’s recent interest rate rise.
At its most recent policy meeting, the Fed decided to raise rates by 75 basis points (bps). BTC/USD rose to $22,868.92.
Thursday’s move sees bitcoin move away from yesterday’s low of $20,391.30, and comes as traders attempt to create a new support point.
It appears that the $21,100 price point may be an area of potential floor. However, bears could try to push BTC lower.
The 14-day RSI seems to be at a support level of 23.20. This could give bulls some hope.
Bears may be still able to reach the $19,000 goal if relative strength is reduced below this level.
Ethereum
ETH was close to falling below $1,000 on Wednesday, however it has also rallied in today’s session following the FOMC meeting.
Following a low of $1,060.97 during hump-day, ETH/USD hit an intraday high of $1,246.14 earlier in today’s session.
Like bitcoin, today’s move saw ETH attempt to find a new support point, with traders so far appearing to be settling on the $1,100 area.
Globally, ETH remains nearly 40% below the previous week. However, bearish sentiment is still evident.
If this sentiment continues to gain momentum, bears may take ethereum down below $1,000. Some expect a low of $800.
This will require the Relative Strength Index to trade below 20.
What do you think about ETH falling below $1,000 in the next week? Please leave your comments.
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