Ethereum moved back above $1,200 on Thursday as markets continued to react to the latest Federal Open Market Committee (FOMC) minutes. Yesterday’s report indicated that the US Federal Reserve could hike short interest rates “soon”. Bitcoin was largely unchanged in today’s session.
Bitcoin (BTC) mostly consolidated on Thursday following news that the US Federal Reserve may be ready to move away from its aggressive rate hike policy.
Wednesday’s FOMC minutes showed that “a large majority of participants decided that a slower pace of increases would soon be appropriate.”
The news comes as inflation begins to slow in the United States, after several back-to-back rate hikes.
BTC/USD is trading at $16,544.58 at the time of writing, after hitting a one-day high of $16,771.48 on Wednesday.
Looking at the charts, this comes as the 14-day Relative Strength Index (RSI) failed to break above the ceiling of 40.35.
Currently, the index is trading at the level of 39.90, the momentum is now shifting towards a downtrend, and specifically towards the bottom of 38.00.
On the other hand, Ethereum (ETH) moved higher in today’s session climbing above the $1,200 level.
ETH/USD reached a high of $1,211.63 earlier in the day, after trading as low as $1,153.53 in less than 24 hours.
This move saw Ethereum race above the recent $1,180 resistance level, reaching a five-day high in the process.
As can be seen from the chart, an uptick in price took place when the RSI climbed above the high of 42.00, and is currently tracking at 42.50.
Nevertheless, there is a higher point of resistance at 43.00, which prompted some of the earlier bulls to liquidate their positions.
To reach $1,250, which appears to be the target for the remaining bulls, the RSI will first need to move above 43.00.
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