Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 1-Week Lows Ahead of FOMC Minutes 

0 7

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 1-Week Lows Ahead of FOMC Minutes 

knife

Bitcoin neared a breakout below $29,000 on Wednesday, ahead of the release of anticipated Federal Open Market Committee (FOMC) minutes. The minutes will show the United States Fed’s reasoning behind its last rate hike, whilst also giving guidance on its future decisions. Ethereum dropped to a one-week low.

Bitcoin

Bitcoin (BTC) extended recent declines on Wednesday, as traders began to anticipate the upcoming FOMC minutes report.

BTC/USD fell to an intraday low of $29,061.95 earlier in today’s session, which comes after a high of $29,439.12 the day prior.

This drop sent bitcoin to its lowest point since August 7, when the price fell to a bottom of $28,660.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:BTCUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

Wednesday’s decline comes despite an upward crossover taking place between the 10-day (red) and 25-day (blue) moving averages.

The relative strength index (RSI) did provide a bearish signal however, slipping towards a floor of 42.00

As of writing, the index is tracking at 44.49, which is also a seven-day low.

Ethereum

Additionally, ethereum (ETH) edged lower for a second straight session, as the cryptocurrency moved towards a floor of its own.

Following a high at $1,842.95 on Tuesday, ETH/USD dropped to an intraday low of $1,816.33 earlier today.

Like with bitcoin above, this plunge saw the world’s second largest cryptocurrency record a one-week low.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:ETHUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

Whilst the RSI on BTC was heading towards a floor, ethereum’s price strength broke out of its own support.

The index moved below a support level at 41.00, and is now tracking at 40.83, with the next visible point of support at 39.00.

Should this target be reached, ETH will likely be trading around the $1,780 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to fall below $1,800 this week? Leave your thoughts in the comments below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 64,733.34
ethereum
Ethereum (ETH) $ 3,467.34
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 577.05
solana
Solana (SOL) $ 158.61
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,470.59
xrp
XRP (XRP) $ 0.584946
the-open-network
Toncoin (TON) $ 7.38
dogecoin
Dogecoin (DOGE) $ 0.125214
cardano
Cardano (ADA) $ 0.446141
tron
TRON (TRX) $ 0.134394
shiba-inu
Shiba Inu (SHIB) $ 0.000019
avalanche-2
Avalanche (AVAX) $ 28.38
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,587.30
polkadot
Polkadot (DOT) $ 6.45
chainlink
Chainlink (LINK) $ 14.45
bitcoin-cash
Bitcoin Cash (BCH) $ 391.74
near
NEAR Protocol (NEAR) $ 6.21
uniswap
Uniswap (UNI) $ 8.29
litecoin
Litecoin (LTC) $ 73.75
leo-token
LEO Token (LEO) $ 5.84
dai
Dai (DAI) $ 1.00
pepe
Pepe (PEPE) $ 0.000012
wrapped-eeth
Wrapped eETH (WEETH) $ 3,611.85
matic-network
Polygon (MATIC) $ 0.544431
internet-computer
Internet Computer (ICP) $ 9.59
kaspa
Kaspa (KAS) $ 0.180012
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.45
ethereum-classic
Ethereum Classic (ETC) $ 23.77
ethena-usde
Ethena USDe (USDE) $ 1.00
aptos
Aptos (APT) $ 7.04
stellar
Stellar (XLM) $ 0.108132
monero
Monero (XMR) $ 161.13
blockstack
Stacks (STX) $ 1.91
hedera-hashgraph
Hedera (HBAR) $ 0.0776
maker
Maker (MKR) $ 2,939.04
render-token
Render (RNDR) $ 6.60
vechain
VeChain (VET) $ 0.031997
okb
OKB (OKB) $ 42.82
cosmos
Cosmos Hub (ATOM) $ 6.55
filecoin
Filecoin (FIL) $ 4.44
crypto-com-chain
Cronos (CRO) $ 0.094392
mantle
Mantle (MNT) $ 0.773985
arbitrum
Arbitrum (ARB) $ 0.76263
injective-protocol
Injective (INJ) $ 23.75
immutable-x
Immutable (IMX) $ 1.49
dogwifcoin
dogwifhat (WIF) $ 2.26
sui
Sui (SUI) $ 0.870738
bittensor
Bittensor (TAO) $ 295.99
the-graph
The Graph (GRT) $ 0.214438
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,510.33
optimism
Optimism (OP) $ 1.82
first-digital-usd
First Digital USD (FDUSD) $ 1.00
bonk
Bonk (BONK) $ 0.000028
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,874.74
arweave
Arweave (AR) $ 28.70
floki
FLOKI (FLOKI) $ 0.000187
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,597.58
notcoin
Notcoin (NOT) $ 0.016357
lido-dao
Lido DAO (LDO) $ 1.81
ondo-finance
Ondo (ONDO) $ 1.10
aave
Aave (AAVE) $ 104.13
theta-token
Theta Network (THETA) $ 1.53
bitget-token
Bitget Token (BGB) $ 1.08
jasmycoin
JasmyCoin (JASMY) $ 0.030419
fantom
Fantom (FTM) $ 0.520607
whitebit
WhiteBIT Coin (WBT) $ 9.66
based-brett
Brett (BRETT) $ 0.140366
thorchain
THORChain (RUNE) $ 4.12
algorand
Algorand (ALGO) $ 0.159955
celestia
Celestia (TIA) $ 6.61
pyth-network
Pyth Network (PYTH) $ 0.345322
jupiter-exchange-solana
Jupiter (JUP) $ 0.888734
coredaoorg
Core (CORE) $ 1.32
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,440.33
quant-network
Quant (QNT) $ 79.86
mantra-dao
MANTRA (OM) $ 1.36
sei-network
Sei (SEI) $ 0.358784
gatechain-token
Gate (GT) $ 7.73
elrond-erd-2
MultiversX (EGLD) $ 35.57
flow
Flow (FLOW) $ 0.619297
kucoin-shares
KuCoin (KCS) $ 9.72
flare-networks
Flare (FLR) $ 0.020962
gala
GALA (GALA) $ 0.02437
eos
EOS (EOS) $ 0.598547
bittorrent
BitTorrent (BTT) $ 0.00000091594541
beam-2
Beam (BEAM) $ 0.017572
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,525.12
axie-infinity
Axie Infinity (AXS) $ 5.98
bitcoin-sv
Bitcoin SV (BSV) $ 44.63
ethereum-name-service
Ethereum Name Service (ENS) $ 27.41
dydx-chain
dYdX (DYDX) $ 1.42
tokenize-xchange
Tokenize Xchange (TKX) $ 10.81
akash-network
Akash Network (AKT) $ 3.56
msol
Marinade Staked SOL (MSOL) $ 190.44
popcat
Popcat (POPCAT) $ 0.872104
tezos
Tezos (XTZ) $ 0.823464
neo
NEO (NEO) $ 11.38
ethena
Ethena (ENA) $ 0.466991