Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Week Low, BTC Extends Declines on USD Strength

Bitcoin fell below the $27,000 level on Thursday, as markets reacted to the latest Federal Reserve interest rate decision. As expected, the Fed opted to keep rates unchanged at 5.5%, whilst hinting at one additional raise in the current cycle. The dollar strengthened across the board following the decision. Ethereum is on the cusp of a drop under $1,600.

Bitcoin

Bitcoin fell for a second consecutive day, in the aftermath of the U.S. Federal Reserve interest rate decision.

Following a high of $27,289.77 on Wednesday, BTC/USD dropped to a low of $26,703.77 earlier in today’s session.

The Fed’s decision to pause has led to dollar strength, with USD hitting its strongest level since April versus the British pound.

As a result of the BTC drop, the 14-day relative strength index (RSI) fell below a support point at the 55.00 level.

Price strength now stands at a reading of 52.45, and appears to be heading for a lower floor near the 45.00 region.

Should the index fall to this floor, there is a good chance that bitcoin could be hovering near $26,000.

Ethereum

Ethereum (ETH) neared a drop below a key price level in today’s session, hitting a one-week low in the process.

ETH/USD slipped to an intraday low of $1,606.18 earlier in the day, following Wednesday’s peak at $1,639.35.

Thursday’s decline pushed ethereum to its weakest point since September 13, which is the last time price was below $1,600.

Since failing to break out of a ceiling at 49.00, the RSI has moved closer into oversold territory, and now tracks at 41.52.

Bears seem to be looking to land at a point of support at 35.00, which could lead ETH to hitting the $1,575 floor.

Bulls are possibly still waiting in the wings, as the 10-day (red) and 25-day (blue) moving averages have still not crossed.

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