Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Wednesday, as Fed Meeting Looms
Bitcoin rebounded from Tuesday’s losses, as all focus in the market turned to today’s United States Federal Reserve rate decision. It is widely expected that the Fed will hike rates by 25 basis points in May’s meeting. Ethereum also moved higher, nearing $1,900 in the process.
Bitcoin (BTC) rebounded on Wednesday, as all focus in the market turned to today’s Federal Reserve rate decision .
Following a low of $27,935.73 on Tuesday, BTC/USD surged to an intraday high of $28,881.30 earlier in the day.
This came as after bitcoin rejected a breakout below its long-term floor at $27,600 to start the week.
Overall, momentum has shifted marginally higher, as the 10-day (red) moving average approached its 25-day (blue) counterpart.
Should this upwards crossover occur, this could be a signal that bulls need to intensify pressure, and potentially take BTC back above $30,000.
In order for this to occur, the relative strength index (RSI) will first need to surge past a ceiling at the 52.00 mark.
In addition to BTC, ethereum (ETH) also bounced back on hump-day, as bulls began to reenter the market.
ETH/USD rose to a peak of 1,879.76 on Wednesday, after almost falling below $1,800 the day prior.
The move saw ethereum bulls briefly push price above a ceiling at $1,875, before retreating as the session matured.
Earlier gains eased as price strength was unable to rally past a key point of resistance at 48.00, with the index now tracking at 46.99.
Despite this, there is still some optimism that ethereum could move beyond $1,900 later today, once the rate decision is made.
At the time of writing, ETH is trading at $1,859.53.
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