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Bitcoin and Ethereum’s Technical Outlook: One-Week Lows for BTC and ETH Ahead of the Release of FOMC Minutes

As Wednesday approached, Bitcoin was on the verge of dipping below $29,000, with the upcoming release of the Federal Open Market Committee (FOMC) minutes weighing on the cryptocurrency. These minutes will reveal the rationale behind the U.S. Federal Reserve’s recent interest rate increase and provide insight into prospective monetary policy decisions. Concurrently, Ethereum fell to its weakest level in a week.


On Wednesday, Bitcoin’s (BTC) decline continued, as market participants began to look forward to the impending disclosure of the FOMC’s minutes.

BTC/USD plummeted to a daily low of $29,061.95, following a high of $29,439.12 the previous day.

This drop brought Bitcoin to its most depressed level since August 7, when it touched a trough of $28,660.

A chart provided by TradingView illustrated Bitcoin’s performance.

Despite an upward crossover occurring between the 10-day (red) and 25-day (blue) moving averages, the slide persisted.

However, the relative strength index (RSI) displayed a bearish trend, gravitating towards the 42.00 mark.

At the time of report compilation, the index stood at 44.49, also a low for the week.


Ethereum (ETH) also witnessed a decline, for a second consecutive session, as it moved towards its own low point.

After peaking at $1,842.95 on Tuesday, ETH/USD sank to an intraday nadir of $1,816.33.

This decline mirrored Bitcoin’s and led Ethereum, the world’s second-largest cryptocurrency, to a one-week low.

The accompanying Ethereum chart by TradingView highlighted these trends.

While Bitcoin’s RSI approached a low point, Ethereum’s price strength veered away from its support level.

The index slid beneath the 41.00 support, now hovering at 40.83, with the next apparent support level at 39.00.

If this target is attained, it’s probable that ETH will be trading close to $1,780.

To keep up-to-date with weekly price analysis, you can register your email address here:

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Do you foresee Ethereum descending below $1,800 this week? Share your opinions in the comments section below.

Frequently Asked Questions (FAQs) about fokus keyword: Technical Analysis

What is the text about?

The text provides a technical analysis of Bitcoin and Ethereum, detailing their performance, charts, and key indicators like the relative strength index (RSI). It highlights the one-week lows for both cryptocurrencies ahead of the release of the Federal Open Market Committee (FOMC) minutes, which are expected to reveal insights into the U.S. Federal Reserve’s monetary policy decisions.

What were the one-week lows for Bitcoin and Ethereum?

Bitcoin dropped to an intraday low of $29,061.95, its lowest point since August 7, while Ethereum fell to a one-week low with an intraday drop to $1,816.33.

What did the RSI indicators show for Bitcoin and Ethereum?

For Bitcoin, the relative strength index (RSI) provided a bearish signal, moving towards a floor of 42.00, and was tracking at 44.49 at the time of writing. Ethereum’s RSI broke out of its support level, moving below 41.00, and was tracking at 40.83, indicating a potential drop in price.

How can readers stay updated on weekly price analysis?

Readers can register their email address to receive weekly price analysis updates directly to their inbox. A sign-up option is provided in the text.

Is there a forecast for Ethereum to fall below $1,800?

The text mentions a potential drop in Ethereum’s price, with the possibility of trading around the $1,780 mark if certain technical support levels are reached. However, it also invites readers to leave their thoughts on this subject in the comments section.

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Betty_Trader August 17, 2023 - 6:33 pm

Ethereum might fall more, My guess is around 1700$. what do you guys think

JohnDoe123 August 18, 2023 - 12:25 am

This articl is so useful. keep it coming! Wish i’d sold my bitcoin before the drop.

NewbieInvestor August 18, 2023 - 2:07 am

im new to this, but its so interesting how FOMC decisions can affect crypto. learning a lot from articles like this.

InvestorGuru August 18, 2023 - 3:03 am

Great insights here. but wheres the link to sign up for the weekly analysis I’d love to get these updates regularly.

CryptoFan98 August 18, 2023 - 3:55 am

what’s happening with Ethereum? Can someone explain the RSI thing to me dont get it…

TechAnalystRick August 18, 2023 - 9:48 am

the charts on TradingView are usually spot on. I use them for my own analysis. Anybody else do technical analysis here?


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