Bitcoin, Ethereum Technical Analysis: BTC, ETH Stall Ahead of Powell Testimony

Bitcoin remained successful consolidation earlier successful Tuesday’s session, arsenic markets prepared for this afternoon’s grounds from Fed Chair Powell. The caput of the U.S. Federal Reserve volition beryllium speaking successful beforehand of the Senate Banking Committee aboriginal successful the day. Ethereum was besides mostly unchanged, arsenic it traded adjacent to a enactment point.

Bitcoin

Bitcoin (BTC) continued to commercialized sideways connected Tuesday, arsenic marketplace uncertainty remained precocious up of Fed Chair Powell’s testimony.

Many judge that Powell volition springiness immoderate guardant guidance into the Federal Reserve’s existent thinking, and however assertive they whitethorn beryllium successful their upcoming meeting.

BTC/USD fell to a debased of $22,356.62 earlier successful the day, little than 24 hours aft trading astatine a precocious of $22,584.29.

BTC/USD – Daily Chart

Looking astatine the chart, today’s determination sees the world’s largest cryptocurrency proceed to commercialized supra a level astatine $22,300.

This coincides with the 14-day comparative spot scale (RSI) besides hovering supra its ain constituent of enactment astatine 42.00.

At the clip of writing, the scale is tracking astatine 43.23, with a ceiling astatine 49.00 a imaginable people for bulls, should Powell springiness markets a crushed to beryllium optimistic.

Ethereum

Additionally, ethereum (ETH) was besides mostly unchanged successful today’s session, with prices trading adjacent to a caller enactment point.

Following a precocious of $1,579.46 to commencement the week, ETH/USD fell to an intraday debased of $1,561.44 earlier successful today’s session.

As a effect of the move, ethereum narrowly avoided a collision with a level astatine $1,560, with prices climbing marginally higher arsenic the time progressed.

ETH/USD – Daily Chart

Currently, ETH is trading astatine $1,567.62, which comes arsenic the RSI bounced from its ain constituent of enactment astatine 44.00.

At the clip of writing, terms spot is tracking astatine 44.77, with a ceiling astatine 47.00 a imaginable destination should sentiment shift.

Overall, momentum remains bearish, arsenic the 10-day (red) moving mean continues to widen a crossover with its 25-day (red) counterpart.

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Could cryptocurrency prices surge pursuing Powell’s speech? Leave your thoughts successful the comments below.

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