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Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,200 as Federal Reserve Set for Spinal Policy

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Ethereum bounced back above USD 1,200 on Thursday as markets continued to react to the latest Federal Open Market Committee (FOMC) minutes. Yesterday’s report indicated that the US Federal Reserve could raise short-term interest rates “soon”. Bitcoin was largely unchanged in today’s session.

Bitcoin

Bitcoin (BTC) largely consolidated on Thursday following news that the US Federal Reserve may be ready to move away from its aggressive rate hike policy.

Wednesday’s FOMC minutes showed that “a large majority of participants decided that a slower pace of increases would soon be appropriate.”

The news comes as inflation in the United States begins to ease after several consecutive rate hikes.

BTC/USD – Daily chart

BTC/USD is trading at USD 16,544.58 at the time of writing, after reaching a one-day high of USD 16,771.48 on Wednesday.

Looking at the charts, this is because the 14-day Relative Strength Index (RSI) failed to break above the ceiling of 40.35.

Currently the index is trading at the 39.90 level, momentum is now shifting to a downtrend, and specifically to the bottom of 38.00.

Ethereum

On the other hand, Ethereum (ETH) moved higher in today’s session and climbed above the $1,200 level.

ETH/USD reached a high of $1,211.63 earlier in the day after trading as low as $1,153.53 in less than 24 hours.

The move saw Ethereum race above the recent resistance level of $1,180, reaching a five-day high in the process.

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ETH/USD – Daily chart

As can be seen on the chart, a price increase took place as the RSI climbed above the high of 42.00, and is currently tracking at 42.50.

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Nevertheless, there is a higher resistance point at 43.00, which led some of the earlier bulls to liquidate their positions.

To reach $1,250, which appears to be the target for the remaining bulls, the RSI must first move above 43.00.

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Do you expect more bounce in ETH this week? Leave your thoughts in the comments below.

image credit: shutterstock, pixabay, wikicommons

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source: news.bitcoin.com

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