Bitcoin, Ethereum (ETH) Technical Analysis: ETH Back Over $1,200, as Federal Reserve Set to Pivot Policy

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Bitcoin,  <b>Ethereum (ETH)</b> Technical Analysis: ETH Back  Over ,200, as Federal Reserve Set to Pivot Policy

Ethereum (ETH) moved back over $1,200 on Thursday, as markets continued to react to the latest Federal Open Market Committee () minutes. Yesterday’s report intimated that the United States Federal Reserve could pivot to smaller interest price increases “soon.”  (BTC) was largely in today’s session.

Bitcoin

Bitcoin (BTC) (BTC) mostly consolidated on Thursday, following news that the United States Federal Reserve could be set to move away from its aggressive price hike policy.

Wednesday’s FOMC minutes showed that “A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate.”

The latest information comes as in the  United States to slow down, following a few back-to-back price hikes.

Following a move to an intraday high of $16,771.48 on Wednesday, BTC/USD is currently worth $16,544.58 as of writing.

Looking at the chart, this comes as the 14-day relative strength (RSI) failed to out of a ceiling at 40.35.

At present, the index is currently worth the 39.90 level, with momentum now moving towards a downtrend, and in particular  to a of 38.00.

Ethereum

On the other hand, ethereum (ETH) moved higher in today’s session, with the crypto  climbing over the $1,200 level.

ETH/USD rose to a high of $1,211.63 earlier in the day, less than 24 hours after currently worth a low of $1,153.53.

The move saw ethereum race over a recent resistance level of $1,180, hitting a five-day high in the process.

As can be seen from the chart, the boost in price comes as the RSI climbs over a ceiling at 42.00, and is at present tracking at 42.50.

Regardless this, there is a higher point of resistance at 43.00, which triggered some earlier to liquidate their positions.

In order to reach $1,250, which appears to be the target for remaining bulls, the RSI will 1st need to move beyond 43.00.

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