BTC, ETH Stall Ahead of Powell Testimony – Market Updates
Bitcoin remained in consolidation early in Tuesday’s session as markets braced for Fed Chair Powell’s testimony later this afternoon. The Federal Reserve Chairman will address the Senate Banking Committee later in the day. Ethereum was also largely unchanged as it traded close to a support point.
Bitcoin
Bitcoin (BTC) continued to trade sideways on Tuesday as market uncertainty remained high ahead of Fed Chair Powell’s testimony.
Many believe Powell will offer some clues as to the current mindset of the Federal Reserve and how aggressive it may be at its upcoming meeting.
BTC/USD fell to a low of $22,356.62 earlier in the day, less than 24 hours after trading at a high of $22,584.29.
Looking at the chart today’s move sees that the largest cryptocurrency The world continues to trade above a floor of $22,300.
This coincides with the 14-day relative strengthindex (RSI) which is also hovering above its own support point at 42.00.
At the time of writing, the index is at 43.23, with a cap at 49.00 being a potential target for bulls should Powell give markets reason to be bullish.
Ethereum
Additionally, Ethereum (ETH) was also largely unchanged in today’s session, with prices trading near a recent support point.
After a high of $1,579.46 earlier in the week, ETH/USD fell to an intraday low of $1,561.44 at the start of today’s session.
As a result of the move, Ethereum narrowly avoided a collision with a bottom at $1,560, with prices edging marginally higher throughout the day.
ETH is currently trading at $1,567.62 as the RSI bounced off its own support point at 44.00.
At the time of writing, price strength is hovering around 44.77 with a cap at 47.00 a possible target should sentiment change.
Overall momentum remains bearish as the 10-day moving average (red) continues to extend a crossover with its 25-day counterpart (red).
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Source: Crypto News Deutsch
