Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of FOMC Minutes 

Bitcoin extended caller declines connected Feb. 22, arsenic markets prepared for the merchandise of the latest Federal Open Market Committee (FOMC) minutes. Following a caller determination to a multi-month high, prices person slipped, with traders alternatively protecting profits. Ethereum has besides declined, nevertheless remains supra the $1,600 mark.

Bitcoin

Bitcoin (BTC) extended caller declines connected Wednesday, arsenic markets began to expect the upcoming FOMC minutes report.

Today’s study volition shed airy connected the Federal Reserve’s existent presumption of the U.S. economy, successful airy of past month’s 25-basis-point hike.

As a result, BTC/USD fell to an intraday debased of $23,902.54 connected hump-day, little than 24 hours aft hitting a precocious of $24,824.10.

BTC/USD – Daily Chart

The diminution comes pursuing 2 breakouts, archetypal the 14-day comparative spot scale (RSI) moving beneath a enactment constituent astatine 61.00, positive prices falling nether $24,200.

Currently, the scale is tracking astatine a speechmaking of 59.24, which is its weakest constituent since February 14.

A level astatine 58.00 awaits remaining bulls, which could perchance assistance easiness the existent bleeding successful prices.

Ethereum

In summation to BTC, ethereum (ETH) was successful the reddish for a 2nd consecutive session, breaking retired of a cardinal enactment constituent successful the process.

Following a precocious of $1,682.78 connected Tuesday, ETH/USD slipped to a bottommost of $1,628.69 earlier successful the day.

Today’s driblet came arsenic ethereum moved further beneath a semipermanent enactment portion astatine the $1,675 mark, with $1,625 acting arsenic an interim floor.

ETH/USD – Daily Chart

Since hitting this low, bulls person somewhat reentered the market, with ethereum present trading astatine $1,643.32.

Price spot has besides plunged, with a level of 57.00 giving mode earlier successful the session, with the RSI present tracking astatine 53.76.

Overall, ethereum is inactive trading astir 6% higher from the aforesaid clip past week.

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Do you judge ethereum could autumn beneath $1,600 successful the coming days? Leave your thoughts successful the comments below.

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