• Bitcoin (BTC) is currently trading below $28,000 ahead of the upcoming Federal Open Market Committee meeting.
• Ethereum (ETH) remained below $1,800 for the second straight session following a recent climb into overbought territory.
• Many expect that the Federal Reserve will maintain rate hikes however at a slower pace of 25 basis points.
Bitcoin Technical Analysis
Bitcoin (BTC) was once again trading below $28,000, as traders consolidated recent gains ahead of the upcoming FOMC meeting. Following a high of $28,352.76 to start the week, BTC/USD fell to an intraday low of $27,439.65 earlier today. The move sees bitcoin move away from its recent nine-month high, ahead of tomorrow’s rate decision which will likely lead to increased market volatility. One sign of this uncertainty comes as the 14-day relative strength index (RSI), which failed to move beyond a ceiling of its own. As of writing, the index is tracking at 71.47 marginally below a resistance level at 72.00.
Ethereum Technical Analysis
On the other hand, ethereum (ETH) remained below $1,800 for the second straight session following a recent climb into overbought territory. ETH/USD fell to an intraday low of $1,725.01 on Tuesday and despite a recent upward crossover of 10-day and 25-day moving averages it appears that momentum has shifted with RSI falling back below 61 point support level at 60.74 as of writing this article with ethereum slightly higher and trading at 1$762 .33In order for bulls to recapture the 1$800 mark this ceiling on RSI must first be broken .
FOMC Meeting
Many expect that Federal Reserve will maintain rate hikes however at a slower pace of 25 basis points after USA announced it will explore measures to guarantee client deposits at embattled banks following recent crisis . This comes ahead Of FOMC meeting tomorrow which will likely lead To increased market volatility .
Summary
Bitcoin is currently trading just under $28k as markets await tomorrow’s FOMC meeting while Ethereum remains flat below 1$800 mark ,with momentum shifting due To RSI falling backbelow 61 point support level ,Federal Reserve is expected To maintain Interest rates but At A Slower Pace Of 25 Basis Points After USA Announced It Will Explore Measures To Guarantee Client Deposits At Embattled Banks Following Recent Crisis .
Conclusion
The cryptocurrency market is consolidating before tomorrow’s pivotal FOMC Meeting where investors are expecting The Fed To slow down interest rates by 25 basis points in response To US exploring measuresTo guarantee client deposits At embattled banks following recent crisis , Bitcoin Is Currently Trading Below 28k While Ethereum Remains Flat Below 1$800 With Momentum Shifting Due To RSI Falling BackBelow 61 Point Support Level But Bulls Could Reclaim The 1800 Mark With Breaking Through This Ceiling On Rsi First .