Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting

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Bitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Market Committee (FOMC) meeting. Many expect that the Federal Reserve will maintain rate hikes, however at a slower pace of 25 basis points. This comes after the U.S. announced it will explore measures to guarantee client deposits at embattled banks following a recent crisis.

Bitcoin

Bitcoin (BTC) was once again trading below $28,000, as traders consolidated recent gains ahead of the upcoming FOMC meeting.

Following a high of $28,352.76 to start the week, BTC/USD fell to an intraday low of $27,439.65 earlier today.

The move sees bitcoin move away from its recent nine-month high, ahead of tomorrow’s rate decision, which will likely lead to increased market volatility.

One sign of this uncertainty comes as the 14-day relative strength index (RSI), which failed to move beyond a ceiling of its own.

As of writing, the index is tracking at 71.47, which is marginally below a resistance level at 72.00.

BTC has since risen back above $28,000 however, with price swings likely to persist throughout the course of the day.

Ethereum

On the other hand, ethereum (ETH) remained below $1,800 for the second straight session, following a recent climb into overbought territory.

ETH/USD fell to an intraday low of $1,725.01 on Tuesday, a day after trading at a peak of $1,788.13.

Despite a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages, it appears that momentum has shifted.

From the chart, it appears that this coincides with the RSI falling back below a point of support at 61.00

At the time of writing, the index is tracking at 60.74, with ethereum slightly higher, and the asset is currently trading at $1,762.33.

In order for bulls to recapture the $1,800 mark, this ceiling on the RSI must first be broken.

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