Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today’s Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. Ethereum briefly rose above $1,800 in today’s session.
Bitcoin, Ethereum Technical Analysis: BTC Nears Fresh 9-Month High as Fed Meeting Looms
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Bitcoin
Bitcoin ( BTC) closed in on a fresh nine-month high in today’s session, as markets continued to anticipate today’s Federal Reserve rate decision.
Following a low of $27,785.11 on Tuesday, BTC/USD surged to an intraday peak of $28,439.56 earlier in today’s session.
The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week.
This latest surge in price comes as the 14-day relative strength index ( RSI) attempted to break out of a ceiling at 72.00
As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory.
Traders are likely waiting for this afternoon’s announcement prior to attempting to move beyond this point.
Ethereum
Ethereum ( ETH) was also back in the green on Wednesday, following a brief stint of consolidation the day prior.
ETH/USD moved to a high of $1,836.29 on hump-day, which comes less than 24 hours after trading at a low of $1,761.67.
Similar to bitcoin, Wednesday’s rally in price saw ETH near a recent high of $1,846, which is its strongest point since last August.
The 10-day (red) moving average (MA) has continued to trend upwards, extending its crossover with the 25-day (blue) MA.
However, price strength seems to be a barrier to further gains, with the index now tracking below a ceiling at 64.00
In order for bulls to extend gains, there will likely need to be a breakout of the aforementioned resistance level.
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Could ethereum hit $2,000 following today’s rate decision? Leave your thoughts in the comments below.
