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