Fri. Nov 22nd, 2024

Ethereum was marginally higher on Feb. 1, as markets prepare for the upcoming Federal Open Market Committee (FOMC) meeting results. Many are expecting that the U.S. Federal Reserve will increase rates by 25 basis points, taking current rates to 4.75%. Bitcoin was in the green on Wednesday, as prices rose above $23,000.

Bitcoin

Bitcoin (BTC) was back above $23,000 in today’s session, as traders turned their attention to this afternoon’s FOMC meeting.

After recording a low of $22,874.43 on Tuesday, BTC/USD moved to an intraday high of $23,225.02 earlier today.

Today’s move saw the world’s largest cryptocurrency briefly move past an interim ceiling at the $23,200 level.

However, with volatility today higher due to the Fed meeting, prices have since moved back below this point and are currently trading at $23,045.02.

This took place as the 14-day relative strength index (RSI) continued to hover close to a floor at 68.00

As of writing, the index is tracking at 69.83, and could remain around this mark until after the Fed meeting concludes.

Ethereum

Ethereum (ETH) rose marginally higher on Wednesday, with prices moving closer to the $1,600 zone.

ETH/USD rose to a peak of $1,598.52 earlier in the day, which comes following a move to a bottom at $1,569.04 the day prior.

Like with bitcoin, ETH bulls were unable to push prices above resistance, with earlier momentum easing as of writing.

From the chart, it appears that the shift in sentiment has come as the RSI was unable to move past its own ceiling at 58.00

Currently, the index is tracking at 57.64, with the 10-day (red) moving average also changing its trend, and now downward facing.

Should this sentiment continue, it is highly likely that ETH will fall to a floor at $1,550.

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Will cryptocurrencies rally following this afternoon’s FOMC meeting? Leave your thoughts in the comments below.