ETH near $1,700, Fed poised to hold rate hikes – market updates
Ethereum It closed at the $1,700 level on Wednesday as markets reacted to comments from Federal Reserve Chair Jerome Powell. After Tuesday’s meeting, Powell hinted that the Fed could raise rates further if the data showed a need for action. Also Bitcoin was boosted by the news and climbed back into the $23,000 region.
Bitcoin
Bitcoin (BTC) surged Wednesday following comments from Federal Reserve Chair Jerome Powell.
Powell stated yesterday: “The reality is that we will act on the data. So if, for example, we continue to get strong jobs reports or higher inflation reports, we may well have to do more and raise rates more than priced in.”
BTC/USD surged to an intraday high of $23,367.96 today, less than 24 hours after hitting a low of $22,781.95.
Looking at the chart, the move pushed bitcoin to its strongest point in four days and came as the 14-day relative strength-index (RSI) hit a ceiling.
The index rose to a ceiling of 65.00 but momentum was not strong enough to break out of this point.
As of this writing, the index sits at 62.92, with BTC falling from previous highs and currently trading at $23,195.36.
Ethereum
Ethereum (ETH) extended recent gains today, with prices breaking above a key resistance point in the process.
After hitting a low of $1,628.67 on Tuesday, ETH/USD jumped to a high of $1,688.53 during the hump tag session.
As a result of today’s gains, the second largest rose cryptocurrency in the world above a resistance level of $1,675.
Similar to Bitcoin, this move took ETH to its highest level since Saturday, with the RSI also making a four-day high.
At the time of writing, the index is at 62.97, which is slightly below a ceiling of 64.00.
ETH bulls will likely try this one Resistance breaking in the coming days which will inevitably lead prices back above $1,700.
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Source: Crypto News Deutsch
