Bitcoin, Ethereum Technical Analysis: ETH, BTC Remain Lower Ahead of Federal Reserve Rate Decision
ETH was close to falling below $1,000 on Wednesday, as markets began to prepare for the latest Fed policy meeting. Many expect that the FOMC will opt to hike interest rates today, as inflation continues to peak. BTC was also lower, hovering slightly above $20,000.
BTC was hovering marginally above $20,000 in today’s session, as markets were anticipating the latest FOMC policy meeting.
Following a high of $22,729.56 yesterday, BTC/USD sank to an intraday low of $20,178.38 earlier in the day.
As a result of this latest low, bitcoin has now fallen for nine straight days, losing over 30% of its value within that time period.
This latest drop now sees BTC hit a fresh 19-month low, as prices dropped to their lowest point since December 2020.
Looking at the chart, the RSI is now at 22, however should this fall to the 20 level, we might see BTC hit a floor of around $19,000.
Some believe we may see this happen today, depending on what the Fed decides to do, as far as changes to its monetary policy.
ETH was close to falling below $1,000 on hump-day, as traders of the world’s second-largest crypto token were also awaiting the latest Fed decision.
On Wednesday, ETH fell to an intraday low of $1,025.68, which is its lowest point since January last year.
Like bitcoin, today’s move saw ETH fall for a ninth consecutive day, with traders still scrambling to find a solid price floor.
Some still believe that this floor could be below $1,000, with $800 a strong target for current bears in the market.
Overall, ethereum is down nearly 40% in the last seven days, with today’s drop taking relative strength to its lowest point on record.
Should the RSI continue to slide, we may see ETH very well break below $1,000, with a good chance of it moving towards $800.