Ethereum was marginally higher on February 1 as markets prepare for the results of the upcoming Federal Open Market Committee (FOMC) meeting. Many expect the US Federal Reserve to raise rates by 25 basis points, bringing current rates to 4.75%. Bitcoin was in the green on Wednesday as prices rallied above $23,000.
Bitcoin
bitcoin (BTC) was back above $23,000 in today’s session as traders turned their attention to this afternoon’s FOMC meeting.
After registering a low of $22,874.43 on Tuesday, BTC/USD moved to an intraday high of $23,225.02 today.
Today’s move saw the world’s largest cryptocurrency briefly break above an interim ceiling at the $23,200 level.
However, with volatility higher today due to the Fed meeting, prices have since pulled back below this point and are currently trading at $23,045.02.
This came as the 14-day RSI continued near a bottom at 68.00.
At time of writing, the index is at 69.83 and could stay around this mark until the Fed meeting concludes.
Ethereal
ethereal (ETH) rose marginally higher on Wednesday, with prices approaching the $1,600 zone.
ETH/USD rose to a high of $1,598.52 earlier in the day, which comes after a move to a low of $1,569.04 the day before.
Just like with bitcoin, ETH The bulls were unable to push prices above the resistance, and previous momentum waned at time of writing.
On the chart, it looks like the change in sentiment occurred because the RSI was unable to break above its own top at 58.00.
Currently, the index sits at 57.64, with the 10-day moving average (red) also turning around, and now looking down.
If this feeling continues, it is very likely that ETH it will drop to a floor at $1,550.
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