ETH, BTC Remain Lower Ahead of Federal Reserve Rate Decision – Market Updates Bitcoin News

ETH close to dropping below $1,000 on Wednesday as markets prepare for Fed policy meetings. Many believe that the FOMC would decide to increase interest rates as inflation continues its upward trend. BTC hovered slightly over $20,000.

Bitcoin

BTC was hovering marginally above $20,000 in today’s session, as markets were anticipating the latest FOMC policy meeting.

Yesterday’s $22,729.56 high was broken by BTC/USD, which fell to an intraday low at $20,178.38.

This latest drop in bitcoin’s value has caused it to fall for nine consecutive days and lost over 30%.

BTC prices fell to the lowest level since December 2020, marking a 19-month high.

The chart shows that the RSI currently stands at 22. However, if it falls to 20 we could see BTC reach a floor around $19,000.

Many believe that this could happen right now, depending on the Fed’s decision regarding changes in its monetary policy.

Ethereum

ETH was close to falling below $1,000 on hump-day, as traders of the world’s second-largest crypto token were also awaiting the latest Fed decision.

Wednesday’s intraday drop in ETH to $1,025.68 was the lowest since January.

Like bitcoin, today’s move saw ETH fall for a ninth consecutive day, with traders still scrambling to find a solid price floor.

Some believe this floor might be under $1,000. For current bears, $800 is a solid target.

Overall, ethereum is down nearly 40% in the last seven days, with today’s drop taking relative strength to its lowest point on record.

If the RSI continues to fall, ETH could break below $1,000 with a strong chance of moving towards $800.

Can an increase in the interest rate help or hinder crypto-price growth? Comment below to share your views.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has worked in various capacities, including as a retail trading teacher, brokerage director, and market commentator for Crypto, Stocks, and FX.