Bitcoin, Ethereum Technical Analysis: BTC and ETH Remain Higher Before Fed Rate Decision
Bitcoin trades at $18,000 on Wednesday as bullish markets continue to be bullish following the U.S. inflation report. Many expect the Federal Reserve will raise interest rates by 50 basis point following the data which showed consumer prices rising to 7.1%. Ethereum also rose today and was close to its five-week high.
Bitcoin (BTC), which was trading close to $18,000 on Wednesday, was higher after the U.S. inflation report.
After a low of $17.412.19 on Tuesday BTC/USD surged higher to a peak at $17.930.09 earlier today’s session.
BTC trades close to $18,000, which is its highest level since November 9.
The chart shows that this recent increase in momentum was caused by the 14-day relative strengths index (RSI), which raced to its highest point ever since November.
As of writing, the index is tracking at 60.00, which is slightly below the key ceiling at 60.75.
If bitcoin rises above this point, we could see it once more move above $18,000.
As traders prepared for the U.S. Federal Reserve policy decision meeting, Ethereum (ETH) also traded near a multiweek high today.
Many people expect the Fed will raise interest rates by 50 basis point after the positive inflation report.
The ETH/USD reached a record $1,341.44 Wednesday, less than 24 hours after trading at $1,289.23.
The chart shows that ethereum is still close to a five week high. Prices are in the green for the third consecutive session.
The RSI, just like bitcoin, is now close to the key resistance level at 59.00. At the moment, it is reading 58.06.
If bulls force a break through of this hurdle, market pressure could increase, potentially pushing ETH towards $1,000.
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