2023-09-22 00:10:11
© Reuters Analyst points out where Bitcoin and Ethereum prices will go in the short term
CriptoFácil – In a scenario marked by the Federal Reserve’s recent interest rate decision, financial analyst Eliman Dambell shared his analyzes on the Bitcoin and Ethereum cryptocurrencies, anticipating possible price movements.
He highlighted that Bitcoin has experienced consecutive declines over the past two days, coinciding with the US Federal Reserve’s interest rate decision. After reaching a high of US$27,289.77 on Wednesday, the pair reached a low of US$26,703.77 this Thursday (21).
Dambell notes that the Fed’s decision to keep interest rates unchanged at 5.5%, with the suggestion of a further increase in the current cycle, has strengthened the dollar against other currencies. The dollar reached its strongest level since April against the .
“Bitcoin’s decline coincided with the 14-day relative strength index (RSI) falling below a support point at 55.00. Currently, the strength index is at 52.45, pointing to a possible further decline towards the 45.00 region,” he said.
According to the analyst, if the index reaches this level, there is a good chance that Bitcoin will be floating around US$26,000.
Bitcoin and Ethereum Prices
Meanwhile, he points out that Ethereum () approached a crucial price level during this Thursday, hitting a one-week low in the process.
The dropped to an intraday low of $1,606.18 after reaching a peak of $1,639.35 on Wednesday.
According to him, today’s drop took Ethereum to its weakest point since September 13, the last time the price was below $1,600.
Dambell notes that after failing to break a ceiling at 49.00, the RSI approached oversold territory and now sits at 41.52.
“Sellers appear to be targeting a support point at 35.00, which could see Ethereum reach the floor at $1,575. Meanwhile, the bulls appear to be waiting in the wings as the 10-day and 25-day moving averages have not yet crossed,” he highlighted.
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