Bitcoin
Bitcoin is trading around the $26,000 mark and didn’t react much to Jerome Powell’s comments at the Jackson Hole symposium. Powell stated that rates may be raised further and policy will remain restrictive until inflation is under control.
- BTC/USD fell to a low of $25,914.93 after Powell’s comments.
- The price has since risen back above $26,000.
- The relative strength index (RSI) is trending sideways at 25.71.
- If the RSI moves beyond 29.00, more bulls may enter the market.
Ethereum
Ethereum also experienced a slight drop after the Fed chair’s speech. The cryptocurrency reached a peak of $1,665.14 but fell to a low of $1,641.63.
- ETH/USD is currently below a support point of $1,650.
- Throughout the week, Ethereum has mostly traded between $1,580 and $1,690.
- A surge at the RSI resistance level of 33.00 is needed for upward momentum.
Hot Take
Bitcoin and Ethereum both experienced some fluctuations in response to Jerome Powell’s comments. While Bitcoin shows signs of potential bullish reentry, Ethereum needs a stronger surge to shift momentum upwards.
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