{"id":18428,"date":"2023-03-07T16:08:15","date_gmt":"2023-03-07T16:08:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-stall-ahead-of-powell-testimony-market-updates-bitcoin-news\/"},"modified":"2023-03-07T16:08:15","modified_gmt":"2023-03-07T16:08:15","slug":"btc-eth-stall-ahead-of-powell-testimony-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-stall-ahead-of-powell-testimony-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Stall Ahead of Powell Testimony \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin remained in consolidation earlier in Tuesday\u2019s session, as markets prepared for this afternoon\u2019s testimony from Fed Chair Powell. The head of the U.S. Federal Reserve will be speaking in front of the Senate Banking Committee later in the day. Ethereum was also largely unchanged, as it traded close to a support point.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) continued to trade sideways on Tuesday, as market uncertainty remained high ahead of Fed Chair Powell\u2019s testimony.<\/p>\n

Many believe that Powell will give some forward guidance into the Federal Reserve\u2019s current thinking, and how aggressive they may be in their upcoming meeting.<\/p>\n

BTC<\/a>\/USD fell to a low of $22,356.62 earlier in the day, less than 24 hours after trading at a high of $22,584.29.<\/p>\n

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

Looking at the chart, today\u2019s move sees the world\u2019s largest cryptocurrency continue to trade above a floor at $22,300.<\/p>\n

This coincides with the 14-day relative strength index (RSI) also hovering above its own point of support at 42.00.<\/p>\n

At the time of writing, the index is tracking at 43.23, with a ceiling at 49.00 a potential target for bulls, should Powell give markets a reason to be optimistic.<\/p>\n

Ethereum<\/h2>\n

Additionally, ethereum (ETH<\/a>) was also largely unchanged in today\u2019s session, with prices trading close to a recent support point.<\/p>\n

Following a high of $1,579.46 to start the week, ETH<\/a>\/USD fell to an intraday low of $1,561.44 earlier in today\u2019s session.<\/p>\n

As a result of the move, ethereum narrowly avoided a collision with a floor at $1,560, with prices climbing marginally higher as the day progressed.<\/p>\n

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

Currently, ETH<\/a> is trading at $1,567.62, which comes as the RSI bounced from its own point of support at 44.00.<\/p>\n

At the time of writing, price strength is tracking at 44.77, with a ceiling at 47.00 a possible destination should sentiment shift.<\/p>\n

Overall, momentum remains bearish, as the 10-day (red) moving average continues to extend a crossover with its 25-day (red) counterpart.<\/p>\n

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

Could cryptocurrency prices surge following Powell\u2019s speech? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on 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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