Bitcoin approached a new nine-month high on Wednesday as markets braced for today’s Federal Reserve interest rate decision. The Fed is expected to raise rates by 0.25%, despite inflation falling to 6% last month. Ethereum briefly rallied above $1,800 in today’s session.
Bitcoin
bitcoin (BTC) closed at a fresh nine-month high in today’s session as markets continued to anticipate today’s Federal Reserve rate decision.
After a low of $27,785.11 on Tuesday, BTC/USD rose to an intraday high of $28,439.56 earlier in today’s session.
The move sends Bitcoin back towards a recent nine-month high, which was recorded earlier in the week.
This latest rise in price comes as the 14-day RSI tried to break a top at 72.00
At time of writing, the index sits at 71.70, which is its highest reading since early February, and is in overbought territory.
Traders are likely to wait for this afternoon’s announcement before attempting to push beyond this point.
Ethereal
ethereal (ETH) was also back in the green on Wednesday, after a brief period of consolidation the day before.
ETH/USD moved to a high of $1,836.29 on the day of the hump, 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 MA (red) has continued its upward trend, extending its crossover with the 25-day MA (blue).
However, price strength appears to be a barrier to further gains, with the index now tracking below a ceiling at 64.00.
For the bulls to extend the gains, a breakout of the aforementioned resistance level will likely be needed.
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Could Ethereum go as high as $2,000 following today’s rate decision? Leave your thoughts in the comments below.
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