{"id":20523,"date":"2023-05-03T13:33:15","date_gmt":"2023-05-03T13:33:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-rebound-on-wednesday-as-fed-meeting-looms-market-updates-bitcoin-news\/"},"modified":"2023-05-03T13:33:15","modified_gmt":"2023-05-03T13:33:15","slug":"btc-eth-rebound-on-wednesday-as-fed-meeting-looms-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-rebound-on-wednesday-as-fed-meeting-looms-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Rebound on Wednesday, as Fed Meeting Looms \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin rebounded from Tuesday\u2019s losses, as all focus in the market turned to today\u2019s United States Federal Reserve rate decision. It is widely expected that the Fed will hike rates by 25 basis points in May\u2019s meeting. Ethereum also moved higher, nearing $1,900 in the process.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) rebounded on Wednesday, as all focus in the market turned to today\u2019s Federal Reserve rate decision .<\/p>\n

Following a low of $27,935.73 on Tuesday, BTC<\/a>\/USD surged to an intraday high of $28,881.30 earlier in the day.<\/p>\n

This came as after bitcoin rejected a breakout below its long-term floor at $27,600 to start the week.<\/p>\n

Overall, momentum has shifted marginally higher, as the 10-day (red) moving average approached its 25-day (blue) counterpart.<\/p>\n

Should this upwards crossover occur, this could be a signal that bulls need to intensify pressure, and potentially take BTC<\/a> back above $30,000.<\/p>\n

In order for this to occur, the relative strength index (RSI) will first need to surge past a ceiling at the 52.00 mark.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) also bounced back on hump-day, as bulls began to reenter the market.<\/p>\n

ETH<\/a>\/USD rose to a peak of 1,879.76 on Wednesday, after almost falling below $1,800 the day prior.<\/p>\n

The move saw ethereum bulls briefly push price above a ceiling at $1,875, before retreating as the session matured.<\/p>\n

Earlier gains eased as price strength was unable to rally past a key point of resistance at 48.00, with the index now tracking at 46.99.<\/p>\n

Despite this, there is still some optimism that ethereum could move beyond $1,900 later today, once the rate decision is made.<\/p>\n

At the time of writing, ETH<\/a> is trading at $1,859.53.<\/p>\n

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

How do you believe today\u2019s rate decision will impact markets? 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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