Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Reading: Technical Analysis: Bitcoin (BTC) and Ethereum (ETH)
Share
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Reading: Technical Analysis: Bitcoin (BTC) and Ethereum (ETH)
Share
  • bitcoinBitcoin(BTC)$27,707.00
  • ethereumEthereum(ETH)$1,902.64
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$312.28
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.52
  • cardanoCardano(ADA)$0.378228
  • staked-etherLido Staked Ether(STETH)$1,902.68
  • dogecoinDogecoin(DOGE)$0.072494
  • solanaSolana(SOL)$21.09
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Search
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > Technical Analysis: Bitcoin (BTC) and Ethereum (ETH)
News

Technical Analysis: Bitcoin (BTC) and Ethereum (ETH)

Jim Haastrup
Last updated: 2023/05/11 at 10:50 AM
Jim Haastrup Published September 26, 2022 May 11, 2023
Share
VOC, Voice of Crypto, BTC, ETH, MATIC, TRON

September has been especially eventful for Bitcoin, Ethereum, and by extension, the entire crypto market.

Contents
Bitcoin Technical AnalysisEthereum Price Analysis

However, most of the interesting events happened in the latter half of September, from the long-awaited Ethereum merge to the FED rate updates, to the Vasil upgrade on the Cardano network just yesterday Thursday.

The overall crypto market has been on a bearish trend for the better part of 2022, and September was no different. Ethereum for example, currently trades at around $1300, despite being close to the $1700 mark before the merge.

The recent fall of the general crypto market, however, came right after the FED rate hike this week. The price of bitcoin, for example, fluctuated around the $19,600 mark, before falling to a low of about $18,200 right after the news of the FED rate hike hit the market

- Advertisement -

Bitcoin Technical Analysis

Bitcoin was arguably one of the worst-hit cryptocurrencies on the market after the FED rate increase. It fell to new lows around the $18,000 mark right after the US Federal Reserve meetings, dragging most other cryptocurrencies down with it.

The FED chose to increase the interest rates by a whole 75 basis points on Wednesday, marking the third increase in a row in 2022 alone, and the highest the interest rates have been since 1980.

The chairman of the FED, Jerome Powell also hinted that this FED rate increase was likely to continue until the inflation rate returns to its lows of around 2%.

As a result of this, the price of bitcoin slumped and fell to an intra-day low of $18,290. its lowest in three months.

- Advertisement -
Chart of BITCOIN USD, showing price bounce from the $18,200 leve
Chart of BTCUSD, showing price bounce from the $18,200 level | Source: Tradingview

Looking at the chart, we can see that bitcoin bulls took control soon after, sending the price back to where it now sits around the $19,600 level.

At the time of writing, the price of bitcoin is at $18,863 and is currently showing slightly bullish conditions on the RSI of the 4-hour timeframe.

Ethereum Price Analysis

Unlike bitcoin, Ethereum’s price didn’t suffer as much after the FED rate hike. This was because it had already suffered enough from the massive selloff that happened after the merge event.

The price of Ethereum was at the $1384 level when the FED rate hike came out. After this, it fell to the $1229 level. Less than a $150 drop. Just like bitcoin, the price of Ethereum collided with the floor and immediately rebounded, with the bulls taking over and sending the price back upward to the $1360 level.

- Advertisement -
Chart of ETH/USDT showing price rebound after lows from the FED rate hike
Chart of ETH/USDT showing price rebound after lows from the FED rate hike | Source: Tradingview

The price of Ethereum has reversed from there and is now trending down again. At the time of writing, the price of Ethereum is around the $1290 level.

The RSI on Ethereum shows slightly oversold conditions and may mean that the price is either about to experience a reversal, or more consolidation is expected before a more serious move up or down.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research).

You Might Also Like

Bitcoin Miners Face Trouble as BTC Price Plunges Further

5 Top Cryptocurrencies To Watch this Week: MATIC, ARB, CAKE, INJ, RNDR

10 Top Cryptocurrency Exchanges in the USA

Litecoin (LTC): Price Prediction 2023-end

Bitcoin HODLs Strong Amid Rising Bearish Concerns

TAGGED: Bitcoin, Ethereum
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article Altcoin Voice of crypto Top 5 Altcoins To Watch Out For This Week
Next Article VOC, Voice of Crypto, Bitcoin, Crypto Cryptocurrencies Weekly Overview: XRP, ADA, SOl, DOT and MATIC
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
techcircus
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
MetaZone Secures Funding to Expand the World’s First Tokenized App Platform for the Metaverse
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Legal

  • Global Events
  • Advertise With Us
  • Privacy Policy

Know Us

  • About Us
  • VOC Team
  • VOC Vigilantes
  • Brands Who Trust Us
  • Contact Us
Copyright © 2023 Voice of Crypto. All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?