{"id":14226,"date":"2022-10-31T13:20:55","date_gmt":"2022-10-31T13:20:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-above-1600-as-markets-begin-to-anticipate-fed-rate-decision-market-updates-bitcoin-news\/"},"modified":"2022-10-31T13:20:55","modified_gmt":"2022-10-31T13:20:55","slug":"eth-above-1600-as-markets-begin-to-anticipate-fed-rate-decision-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-above-1600-as-markets-begin-to-anticipate-fed-rate-decision-market-updates-bitcoin-news\/","title":{"rendered":"ETH Above $1,600 as Markets Begin to Anticipate Fed Rate Decision \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today\u2019s session.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) remained closer to $21,000 on Monday, as markets rebounded from yesterday\u2019s sell-off.<\/p>\n

Following Sunday\u2019s low of $20,461.72, BTC<\/a>\/USD surged to an intraday peak of $20,791.67 earlier today.<\/p>\n

The move sees the token edge closer to Saturday\u2019s high of $21,080, which was the strongest point the token had hit since September 13.<\/p>\n

\"Bitcoin,<\/a>
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, Monday\u2019s surge sent BTC<\/a> close to its long-term price resistance of $20,800, which hasn\u2019t truly been broken since early September.<\/p>\n

Price strength has also rebounded, with the 14-day relative strength index (RSI) now tracking at 61.47, which is close to its own ceiling of 63.00.<\/p>\n

In order for BTC<\/a> to move past $21,000, bullish pressure will first need to overcome this current threshold on the RSI.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) was also in the green to start the week, as the token continued to trade above $1,600.<\/p>\n

ETH<\/a>\/USD moved to a high of $1,623.68 earlier in today\u2019s session, which comes less than 24 hours after trading at a low of $1,567.57.<\/p>\n

Today\u2019s rise in prices comes as the world\u2019s second largest cryptocurrency climbed above its ceiling of $1,585.<\/p>\n

\"Bitcoin,<\/a>
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, the upward crossover of the 10-day (red), and 25-day (blue) moving averages seems to be reaching a summit, which could be a sign of slowing momentum.<\/p>\n

The RSI is also in overbought territory, which means bears could be already positioning themselves for reentry.<\/p>\n

Wednesday\u2019s United States Federal Open Market Committee (FOMC) meeting could likely be the trigger which either extends current momentum, or shifts its direction.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect ETH<\/a> to hit $1,700 before or after the Fed rate decision? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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