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Bitcoin, Ethereum Technical Analysis: ETH Slips Below  $1,100 Ahead of FOMC Minutes Report

Analytics

news.bitcoin.com 22 November 2022 13:30, UTC
  
Reading time: ~2 m

Ethereum fell below $1,100 on Nov. 22, ahead of tomorrow’s much anticipated United States Federal Open Market Committee (FOMC) minutes release. Many are looking toward this report for hints from the U.S. Federal Reserve, in terms of when it could pivot from current policy. Bitcoin was also lower, hitting a key support point in the process.

Bitcoin

Bitcoin (BTC) continued to trade lower on Tuesday, as crypto markets were nervy ahead of Wednesday’s FOMC minutes release.

BTC/USD fell to a low of $15,599.05 in today’s session, which comes less than 24 hours after hitting a high of $16,246.61.

The move pushed the world’s largest cryptocurrency to its lowest point in two years, and came as prices fell below a key support point.

BTC/USD – Daily Chart

Looking at the chart, BTC moved marginally below a floor of $15,600 on Tuesday, before rebounding higher as the session matured.

As of writing, bitcoin is trading at $15,784.68, with the 14-day relative strength index (RSI) tracking at 31.61.

This is slightly above a support of 30.50, which means that there could still be upcoming drops in BTC in the coming days.

Ethereum

Ethereum (ETH) fell for a third consecutive session on Tuesday, with the token moving below $1,100 in the process.

Following a high of $1,140.70, ETH/USD declined earlier today, moving to an intraday low of $1,081.14.

As a result of today’s drop in price, ETH sank towards a floor of $1,080, hitting its lowest point since November 4.

ETH/USD – Daily Chart

Since hitting this point of support prices have somewhat rebounded, and as of writing the token is trading at $1,095.29.

Unlike with BTC, it appears as ETH has found a floor on the RSI indicator, with the index hovering close to a support at 33.00.

Should this floor hold firm, bulls will likely prepare to return to the market, leading to a shift in current sentiment.


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