Bitcoin and Ethereum showed positive movements in response to the recent Federal Reserve’s interest rate decision. BTC came closer to reaching the $30,000 mark, while Ethereum approached the $1,900 level on Thursday.
The Federal Reserve decided to raise interest rates by 0.25%, and Fed Chair Jerome Powell hinted that there might be another increase in September, depending on the data. In light of this, BTC/USD surged to an intraday high of $29,675.55 on Wednesday, rebounding from an earlier low of $29,162.46. The relative strength index (RSI) played a role in this move, bouncing from 42.00 to hover around 47.00. However, some previous bulls decided to secure profits and abandoned their earlier positions. Traders are now closely observing the upcoming gross domestic product (GDP) data before making further moves.
Regarding Ethereum, ETH/USD also experienced an upward trend on Thursday, with the cryptocurrency reaching close to $1,900. After hitting a low of $1,849.98 on Wednesday, it peaked at $1,886.97 during the current session. The RSI for Ethereum crossed a significant level at 48.00, indicating a bullish sentiment. However, the recent crossover of the 10-day (red) and 25-day (blue) moving averages suggests that the overall sentiment remains bearish.
As of the latest update, the RSI for Ethereum stands at 48.95, with the price at $1,876.43. Traders and investors are keeping a close eye on whether Ethereum will hit the $1,900 mark today. If you want to receive weekly price analysis updates, you can sign up for the Weekly Technical Analysis Report by registering your email.
Feel free to leave your thoughts on whether you believe Ethereum will reach $1,900 in the comments below.
Frequently Asked Questions (FAQs) about crypto markets
Question 1: What was the impact of the Federal Reserve’s decision on Bitcoin and Ethereum prices?
Question 2: What was the Federal Reserve’s interest rate decision?
Answer: The Federal Reserve increased interest rates by 0.25%, as announced by Fed Chair Jerome Powell. Additionally, there was a hint that there could be another interest rate hike in September, depending on the economic data at that time.
Question 3: How did the relative strength index (RSI) influence Bitcoin’s price movement?
Question 4: What factors contributed to Ethereum’s rally?
Answer: Ethereum’s rally was influenced by its breakout from a ceiling on the RSI at 48.00. Despite the recent crossover of the 10-day and 25-day moving averages, indicating bearish sentiment, ETH/USD moved closer to the $1,900 level, reaching $1,886.97 during the session.
More about crypto markets
- “Bitcoin Price Index” (CoinDesk): Link
- “Ethereum Price Index” (CoinMarketCap): Link
- “Federal Reserve Interest Rate Decision” (Reuters): Link
- “Relative Strength Index (RSI)” (Investopedia): Link
- “Gross Domestic Product (GDP)” (Investopedia): Link
- “Weekly Technical Analysis Report” (example.com): Link