• Bitcoin (BTC) moved closer to a fresh nine-month high on Wednesday in anticipation of today’s Federal Reserve interest rate decision.
• Ethereum (ETH) briefly rose above $1,800 in today’s session and is trading near its strongest point since last August.
• The 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00, but traders are likely waiting for this afternoon’s announcement prior to attempting to move beyond this point.
Bitcoin Nears 9-Month High Ahead of Fed Meeting
Bitcoin (BTC) moved closer to a fresh nine-month high on Wednesday as markets prepared for the Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. BTC/USD surged to an intraday peak of $28,439.56 earlier in today’s session, which puts bitcoin back towards a recent nine-month high recorded earlier in the week.
Ethereum Briefly Rises Above $1,800
Ethereum (ETH) was also back in the green on Wednesday following a brief stint of consolidation the day prior. ETH/USD moved to an intraday peak of $1,836.29 on hump-day which comes less than 24 hours after trading at a low of $1,761.67. This latest surge in price sees ETH near its strongest point since last August with the 10-day moving average (MA) continuing its crossover with the 25-day MA. However, price strength seems to be a barrier to further gains with the index now tracking below a ceiling at 64.00
14 Day Relative Strength Index Attempts Breakout
The 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00 As of writing, the index is tracking at 71.70 which is its highest reading since early February and deep in overbought territory suggesting traders are likely waiting for this afternoon’s announcement prior to attempting move beyond this point before making any moves related it their positions on BTC or ETH pairs respectively..
Fed Decision Expected To Increase Rates
The Federal Reserve is expected to hike rates by 0.25% despite inflation falling last month down 6%. This could potentially have implications for both BTC and ETH prices depending on how markets react once news hits after today’s meeting concludes later this afternoon..
Will Ethereum Hit $2000 Following Rate Decision?
It remains unclear whether or not ethereum will hit $2000 following today’s rate decision from the Federal Reserve but it will certainly be interesting too see how markets react once news becomes available later this afternoon..