{"id":16115,"date":"2023-01-04T16:46:45","date_gmt":"2023-01-04T16:46:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-hits-3-week-high-ahead-of-fomc-minutes-market-updates-bitcoin-news\/"},"modified":"2023-01-04T16:46:45","modified_gmt":"2023-01-04T16:46:45","slug":"eth-hits-3-week-high-ahead-of-fomc-minutes-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-hits-3-week-high-ahead-of-fomc-minutes-market-updates-bitcoin-news\/","title":{"rendered":"ETH Hits 3-Week High Ahead of FOMC Minutes \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

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

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

Ethereum rose to a three-week high on Jan. 4, as markets prepared for the release of the latest Federal Open Market Committee (FOMC) minutes. Wednesday\u2019s report will likely show the U.S. Federal Reserve\u2019s view on the economy, and further detail its reasoning behind a policy pivot. Bitcoin was also higher, rising to an eight-day high.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) rose to an eight-day high on Wednesday, as cryptocurrency markets climbed ahead of the latest FOMC minutes release.<\/p>\n

Following a low of $16,622.37 on Tuesday, BTC<\/a>\/USD raced to an intraday high of $16,886.14 earlier today.<\/p>\n

The move saw BTC<\/a> rise above a key resistance level of $16,800, which is typically the last hurdle preventing price from reaching $17,000.<\/p>\n

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

As can be seen from the chart, today\u2019s surge in price has sent bitcoin to its highest point since December 27, when it traded at $16,961.<\/p>\n

Traders will likely attempt to move above $17,000 ahead of or directly after the release of the minutes report.<\/p>\n

The rally comes as the 14-day relative strength index (RSI) moves above its own ceiling at 49.00, and is currently tracking at 50.37.<\/p>\n

Ethereum<\/h2>\n

Like BTC<\/a>, ethereum (ETH<\/a>) also surged in today\u2019s session, with prices climbing to a multi-week high.<\/p>\n

ETH<\/a>\/USD rose to a peak of $1,253.12 earlier in the day, which comes less than 24 hours after trading at a low of $1,207.49.<\/p>\n

As a result of today\u2019s move, ethereum broke out of a resistance level at $1,230, hitting its highest level since December 16 in the process.<\/p>\n

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

Looking at the chart, the surge came as ETH<\/a> broke out of its resistance level on the RSI at 50.00, and it is currently tracking at 55.73.<\/p>\n

This shift in momentum comes as the 10-day (red) moving average neared an upwards crossover with its 25-day (blue) counterpart.<\/p>\n

Should this cross take place, we will likely see ethereum move above the $1,300 mark in the upcoming days.<\/p>\n

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

Do you expect ethereum to hit $1,300 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