{"id":17409,"date":"2023-02-08T14:14:27","date_gmt":"2023-02-08T14:14:27","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-nears-1700-fed-prepared-to-maintain-rate-hikes-market-updates-bitcoin-news\/"},"modified":"2023-02-08T14:14:27","modified_gmt":"2023-02-08T14:14:27","slug":"eth-nears-1700-fed-prepared-to-maintain-rate-hikes-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-nears-1700-fed-prepared-to-maintain-rate-hikes-market-updates-bitcoin-news\/","title":{"rendered":"ETH Nears $1,700, Fed Prepared to Maintain Rate Hikes \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum closed in on the $1,700 level on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell. Speaking after Tuesday\u2019s session, Powell hinted that the Fed could continue to hike rates, should the data show the need for action. Bitcoin was also boosted by the news, climbing back into the $23,000 region.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) moved higher on Wednesday, following comments from Federal Reserve Chair Jerome Powell.<\/p>\n

Speaking yesterday, Powell stated, \u201cThe reality is we\u2019re going to react to the data. So if we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.\u201d<\/p>\n

BTC<\/a>\/USD rose to an intraday high of $23,367.96 earlier today, less than 24 hours after hitting a low of $22,781.95.<\/p>\n

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

Looking at the chart, the move pushed bitcoin to its strongest point in four days, and came as the 14-day relative strength index (RSI) ran into a ceiling.<\/p>\n

The index rose to a ceiling at 65.00, however momentum was not strong enough to break out of this point.<\/p>\n

As of writing, the index is tracking at 62.92, with BTC<\/a> falling from earlier highs, and currently trading at $23,195.36.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) extended recent gains today, with prices breaking out of a key resistance point in the process.<\/p>\n

Following a low of $1,628.67 on Tuesday, ETH<\/a>\/USD jumped to a peak of $1,688.53 during the hump-day session.<\/p>\n

As a result of today\u2019s gains, the world\u2019s second largest cryptocurrency climbed past a resistance level at $1,675.<\/p>\n

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

Similar to bitcoin, this move pushed ETH<\/a> to its highest point since Saturday, with the RSI also hitting a four-day peak.<\/p>\n

At the time of writing, the index is at a reading of 62.97, which is slightly below a ceiling at 64.00.<\/p>\n

ETH<\/a> bulls will likely attempt to break this resistance in the coming days, which will inevitably mean prices move back above $1,700.<\/p>\n

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

Do you think the Federal Reserve should continue to increase rates? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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

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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

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