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Bitcoin, Ethereum Technical Analysis: ETH, BTC Remain Lower Ahead of Federal Reserve Rate Decision

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Ethereum was close to falling below $1,000 on Wednesday as markets began preparing for the latest Fed meeting. Many expect the FOMC to decide to raise interest rates today as inflation continues to peak. BTC was also lower, hovering just above $20,000.

bitcoin

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BTC hovered just above $20,000 in today’s session as markets awaited the Fed’s latest policy meeting.

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After yesterday’s high of $22,729.56 BTC/USD fell to an intraday low of $20,178.38 earlier in the day.

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As a result of this latest low, bitcoin has fallen for nine consecutive days, losing over 30% of its value over that time period.

Bitcoin, Ethereum Technical Analysis: ETH, BTC Stay Lower Ahead of Federal Reserve Interest Rate Decision
BTC/USD – daily chart

This last fall now sees BTC reached a new 19-month low as prices fell to their lowest level since December 2020.

Looking at the chart, the RSI is currently at 22, however, if it drops to 20, we can see BTC hit around $19,000.

Some believe that we may see this today, depending on what the Fed decides on changes in its monetary policy.

Ethereum

Ethereum was close to falling below $1,000 on a hump day as traders of the world’s second-largest crypto token also awaited the Fed’s latest decision.

On Wednesday, Ethereum fell to an intraday low of $1,025.68, the lowest level since January last year.

Like bitcoin, today’s move saw Ethereum falling for the ninth day in a row, and traders are still trying to find a solid lower price limit.

Bitcoin, Ethereum Technical Analysis: ETH, BTC Stay Lower Ahead of Federal Reserve Interest Rate Decision
Ethereum/USD – daily chart

Some still believe that this level could be below $1,000, with $800 being a strong target for the current bears in the market.

Overall, Ethereum has fallen by almost 40% over the past seven days, and today’s drop has sent relative strength to its lowest level on record.

If the RSI continues to fall, we may see Ethereum it is very good to break below $1,000, with a good chance of moving towards $800.

Will raising interest rates help or hinder cryptocurrency prices? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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