Bitcoin fell below $19,000 on Thursday as the market reacted to the latest Federal Open Market Committee (FOMC) minutes. In its minutes, the Federal Reserve acknowledged a shocking level of inflation while hinting at further rate hikes. Ethereum has broken below $1,300 in today’s session.
Bitcoin (Bitcoin) returned to the red on Thursday as the market reacted to the latest Federal Open Market Committee (FOMC) minutes.
The September meeting minutes showed the US Federal Reserve relatively surprised by the rate of increase in inflation, but also indicated the prospects for future rate hikes.
As a result of the report, Bitcoin/USD fell to an intraday low of $18,642.11 after a short rally in yesterday’s session.
Today’s sell-off has pushed the token to its lowest level since Sept. 28, approaching the $18,600 support in the process.
Looking at the chart, the 14-day Relative Strength Index (RSI) has also broken through the bottom of 41.00, which could be a sign of further bearish pressure.
So far, the token has rebounded slightly from its previous lows, trading at $18,714.45 at the time of writing.
The world’s second largest cryptocurrency fell below $1,300 early in today’s session, reaching a low of $1,232.93 in the process.
Similar to Bitcoin, this is the lowest price. ethereum/USD has been rallying since late September, and if it breaks below, it will hit its lowest since July.
The upside crossover between yesterday’s 10-day moving average (red) and 25-day moving average (blue) appears to be shifting course following today’s drop.
For the Ethereum bulls, it’s a small position that the token has broken away from the day’s lows after colliding with the $1,235 support point.
Overall, price volatility remains high, ethereum A break below $1,200 is possible in the next few hours or days.
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Will today’s low be the bottom for Ethereum this week? Leave your thoughts in the comments below.
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