Bitcoin and Ethereum Technical Analysis Summary
• Bitcoin (BTC) extended recent declines on Wednesday, falling to an intraday low of $23,902.54 ahead of the release of the latest Federal Open Market Committee (FOMC) minutes.
• Ethereum (ETH) also declined, breaking out of a key support point and moving further below a long-term support zone at the $1,675 mark.
• Both assets have seen price strength plunge, with BTC’s 14-day relative strength index (RSI) tracking at its weakest point since February 14.
The Federal Open Market Committee Minutes
The upcoming FOMC meeting minutes report will shed light on the Federal Reserve’s current view of the U.S. economy following last month’s 25-basis-point hike. As markets anticipate this news, Bitcoin has fallen below $24,000 while Ethereum has dropped to just above $1,600.
Bitcoin Price Action
BTC/USD fell to an intraday low of $23,902.54 on hump-day after hitting a high of $24,824.10 in the previous session. The decline came following two breakouts; firstly when the 14-day relative strength index (RSI) moved below a support point at 61.00 and secondly when prices dropped under $24,200. Currently, the RSI is tracking at 59.24 – its weakest point since February 14 – with a floor at 58.00 awaiting remaining bulls which could help ease any ongoing bleeding in prices.
Ethereum Price Action
Similar to Bitcoin, ETH/USD slipped to an intraday low of $1,628