Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound Following Fed Minutes

Ethereum rebounded connected Feb. 23, arsenic markets reacted to the latest Federal Open Market Committee (FOMC) minutes. The minutes showed that the Fed hinted astatine maintaining its existent argumentation until further signs that ostentation is “substantially” slowing. Bitcoin was besides higher, arsenic it roseate backmost supra $24,000.

Bitcoin

Bitcoin (BTC) moved backmost supra $24,000 connected Thursday, arsenic cryptocurrency markets rebounded pursuing the latest FOMC minutes.

Following a debased of $23,644.32 connected Wednesday, BTC/USD surged to an intraday precocious of $24,572.09 earlier successful the day.

As a effect of this, the world’s largest cryptocurrency broke retired of a cardinal absorption level astatine the $24,200 point.

BTC/USD – Daily Chart

This rebound besides came arsenic the 14-day comparative spot scale (RSI), bounced from a level of its ain astatine 59.00

Currently, the scale is tracking astatine a speechmaking of 59.90, with the adjacent disposable constituent of absorption astatine the 66.00 zone.

Should bulls effort to scope this level, determination is simply a beardown accidental that bitcoin volition beryllium trading supra $25,000.

Ethereum

Like BTC, ethereum (ETH) was backmost successful the greenish successful today’s session, with prices nearing $1,700 pursuing yesterday’s sell-off.

ETH/USD roseate to a highest of $1,674.60 earlier successful the day, which comes aft bottoming retired astatine $1,604.80 connected Wednesday.

The determination saw ethereum travel wrong touching region of its semipermanent ceiling astatine $1,675, nevertheless bullish unit was not sustained.

ETH/USD – Daily Chart

Since hitting this earlier high, prices person gone connected to slip, with ethereum present trading astatine $1,665.75.

This coincides with the RSI indicator moving into a hurdle, successful the signifier of the 57.00 absorption point.

At the clip of writing, the scale is tracking astatine 56.10.

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Could ethereum reenter the $1,700 people successful the coming days? Leave your thoughts successful the comments below.

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