Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Wednesday, as Fed Meeting Looms

Bitcoin rebounded from Tuesday’s losses, as all focus available in the market turned to at this time’s United States Federal Reserve charge resolution. It is extensively anticipated that the Fed will hike charges by 25 foundation factors in May’s assembly. Ethereum additionally moved greater, nearing $1,900 within the course of.

Bitcoin

Bitcoin (BTC) rebounded on Wednesday, as all focus available in the market turned to at this time’s Federal Reserve charge resolution .

Following a low of $27,935.73 on Tuesday, BTC/USD surged to an intraday excessive of $28,881.30 earlier within the day.

This got here as after bitcoin rejected a breakout under its long-term flooring at $27,600 to start out the week.

Overall, momentum has shifted marginally greater, because the 10-day (crimson) transferring common approached its 25-day (blue) counterpart.

Should this upwards crossover happen, this may very well be a sign that bulls want to accentuate strain, and probably take BTC again above $30,000.

In order for this to happen, the relative energy index (RSI) will first have to surge previous a ceiling on the 52.00 mark.

Ethereum

In addition to BTC, ethereum (ETH) additionally bounced again on hump-day, as bulls started to reenter the market.

ETH/USD rose to a peak of 1,879.76 on Wednesday, after nearly falling under $1,800 the day prior.

The transfer noticed ethereum bulls briefly push value above a ceiling at $1,875, earlier than retreating because the session matured.

Earlier positive aspects eased as value energy was unable to rally previous a key level of resistance at 48.00, with the index now monitoring at 46.99.

Despite this, there’s nonetheless some optimism that ethereum may transfer past $1,900 later at this time, as soon as the speed resolution is made.

At the time of writing, ETH is buying and selling at $1,859.53.

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