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.
This drop brought Bitcoin to its most depressed level since August 7, when it touched a trough of $28,660.
Despite an upward crossover occurring between the 10-day (red) and 25-day (blue) moving averages, the slide persisted.
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.
The index slid beneath the 41.00 support, now hovering at 40.83, with the next apparent support level at 39.00.
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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?
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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.
More about fokus keyword: Technical Analysis
- Bitcoin Technical Analysis
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