{"id":14781,"date":"2022-11-24T13:36:02","date_gmt":"2022-11-24T13:36:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-back-above-1200-as-federal-reserve-set-to-pivot-policy-market-updates-bitcoin-news\/"},"modified":"2022-11-24T13:36:02","modified_gmt":"2022-11-24T13:36:02","slug":"eth-back-above-1200-as-federal-reserve-set-to-pivot-policy-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-back-above-1200-as-federal-reserve-set-to-pivot-policy-market-updates-bitcoin-news\/","title":{"rendered":"ETH Back Above $1,200, as Federal Reserve Set to Pivot Policy \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

Ethereum moved back above $1,200 on Thursday, as markets continued to react to the latest Federal Open Market Committee (FOMC) minutes. Yesterday\u2019s report hinted that the U.S. Federal Reserve could pivot to smaller interest rate increases \u201csoon.\u201d Bitcoin was largely unchanged in today\u2019s session.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) mostly consolidated on Thursday, following news that the U.S. Federal Reserve could be set to move away from its aggressive rate hike policy.<\/p>\n

Wednesday\u2019s FOMC minutes showed that \u201cA substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate.\u201d<\/p>\n

The news comes as inflation in the United States begins to slow down, following several back-to-back rate hikes.<\/p>\n

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

Following a move to an intraday high of $16,771.48 on Wednesday, BTC<\/a>\/USD is trading at $16,544.58 as of writing.<\/p>\n

Looking at the chart, this comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at 40.35.<\/p>\n

Currently, the index is trading at the 39.90 level, with momentum now moving towards a downtrend, and in particular to a floor of 38.00.<\/p>\n

Ethereum<\/h2>\n

On the other hand, ethereum (ETH<\/a>) moved higher in today\u2019s session, with the token climbing above the $1,200 level.<\/p>\n

ETH<\/a>\/USD rose to a high of $1,211.63 earlier in the day, less than 24 hours after trading at a low of $1,153.53.<\/p>\n

The move saw ethereum race above a recent resistance level of $1,180, hitting a five-day high in the process.<\/p>\n

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

As can be seen from the chart, the rise in price comes as the RSI climbs above a ceiling at 42.00, and is currently tracking at 42.50.<\/p>\n

Despite this, there is a higher point of resistance at 43.00, which triggered some earlier bulls to liquidate their positions.<\/p>\n

In order to reach $1,250, which appears to be the target for remaining bulls, the RSI will first need to move beyond 43.00.<\/p>\n

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

Do you expect any further surges in ETH<\/a> this week? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\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.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

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

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n