Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Some Expect Fed to Hike Rates by 1% 

Bitcoin fell beneath $19,000 on Wednesday, as markets ready for a possible 100 foundation level rate of interest hike from the United States central financial institution. Although the consensus for a price improve stays at 0.75%, some imagine that with inflation remaining at traditionally excessive ranges, a 1.00% hike may very well be on the playing cards. Ethereum remained decrease on the information, buying and selling marginally above $1,300.

Bitcoin

Bitcoin (BTC) fell beneath $19,000 earlier within the day, as merchants started to arrange for immediately’s Federal Open Market Committee (FOMC) assembly.

Market uncertainty stays rife as hypothesis grows on whether or not the Fed might go so far as elevating charges by 100 foundation factors.

As a end result, BTC/USD fell to a low of $18,813.46 earlier immediately, a day after hitting a peak above the $19,600 degree.

Looking on the chart, this most up-to-date drop has pushed the 10-day (purple) transferring common on the point of a downwards cross with its 25-day (blue) counterpart.

Should this occur, we might see bitcoin not solely slip beneath $19,000, however doubtlessly drop beneath $18,000 for the primary time since June.

As of writing, the token is buying and selling at $19,153.66, as costs proceed to consolidate previous to this afternoon’s announcement.

Ethereum

Ethereum (ETH) was additionally consolidating on hump day, with the token buying and selling marginally above the $1,300 degree.

Following a excessive of $1,378.68 on Tuesday, ETH/USD moved to an intraday low of $1,319.20 earlier immediately, as sentiment in crypto markets remained bearish.

Traders have been tentative in latest days, opting to liquidate positions versus holding onto longs forward of the speed hike.

The rise in uncertainty additionally got here following a collision on the 14-day relative power index (RSI), with the index hitting a resistance level.

As of writing, the index is monitoring at 38.43, which is marginally beneath a ceiling of 39.00, at the moment the principle impediment stopping costs from climbing.

Although there stays a excessive degree of worry within the market, ought to we see a breakout of the aforementioned ceiling, ETH bulls might reenter the market, and try and take value above $1,400.

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