Bitcoin and Ethereum Price Predictions Awaiting Today’s Fed Rate Announcement

Bitcoin (BTC) and Ethereum (ETH) navigate the market with prices that float around $23,000 and $1,500 respectively. Despite this stability, the overall growth of the global cryptocurrency market capitalization is 0.9% in the last 24 hours and its valuation stands at $1,050 billion.

Despite this, traders appear reluctant to make meaningful offers ahead of US Federal Reserve announcement. This article will focus on Bitcoin price and Ethereum forecast, as well as today’s news around the US Federal Open Market Committee (FOMC) and Fed rate announcement .

Since the start of this year, cryptocurrency markets have been calm and showing good growth, which could be attributed to the Federal Reserve’s potential dovish stance.

An agreement signed by DekaBank with Metaco to start providing digital assets to institutions will have a significant impact on the crypto market, in addition to the upcoming Federal Reserve interest rate hike.

Upcoming announcement of Federal Reserve rates in the United States

The U.S. dollar weakened early in the trading session on data suggesting wage pressures had eased, but then stabilized as investors anticipated the outcome of a Reserve policy meeting federal.

The US Federal Reserve is expected to raise interest rates by 0.25% on Wednesday. However, traders will focus more on the President Jerome Powell’s press conference to obtain clues about its long-term position vis-à-vis a change in policy.

Despite this, the dollar indexwhich measures the value of the dollar against six other major currencies, slipped 0.029% to 102.060. The market fell 0.16% in the last trading session, partly on news that labor costs in the United States had risen at the slowest pace in a year during the fourth trimester.

Investors will closely watch the decisions of the European Central Bank and the Bank of England this week. The two are expected to raise interest rates by 0.5% on Thursday.

It should be noted that the constant depreciation of the US dollar is also considered an important element that keeps the prices of cryptocurrencies high.

A German bank will provide crypto services

DekaBank, a 105-year-old bank with $428 billion in assets, agreed to collaborate with Metaco to begin selling digital assets to institutions. According to a January 31 press release, DekaBank will use Metaco’s Harmonize, a “custody and management” platform.

The custodial platform is hugely important to DekaBank and hence its announcement had a huge impact on cryptos including Bitcoin. Metaco will be able to monitor all digital asset transactions through this platform.

How to explain the recent wave of risk taking in the crypto market?

The global cryptocurrency market maintained its bullish trend and gained a strong position around $1.05 trillion due to the fact that $117 million, the highest amount since July last year, was raised. been invested in crypto-based investment products between January 21 and January 27.

These investmentswhich can be considered risk-taking, are certainly due to positive announcements regarding cryptocurrency regulation. These had a significant impact on market sentiment. Henceforth, theInvestors seem to be more cautious before placing additional purchase offers which will certainly depend on Federal Reserve policy.

The price of bitcoin

As of today, the Bitcoin price is $22,990 with a 24-hour trading volume of $22 billion. He has increased by 0.25% in the last 24 hoursplacing its market capitalization at $443 billion.

Over the 4-hour timeframe, Bitcoin is trading without a clear bias as the market awaits Federal Reserve rate decisions. Nevertheless, the immediate resistance of the BTC/USD pair remains at the $23,300 level, and a break above this level has the potential to take Bitcoin towards the next resistance zone at $23,920.

Bitcoin Price Chart – Source: Tradingview

Major technical indicators, such as the RSI and MACD, are in a sell zone, and the 50-day simple moving average also suggests a selling trend.

On the downside, a trendline is likely to support Bitcoin at $22,750, and a break below that threshold could drive BTC up to $22,350.

The price of Ethereum

Ethereum is valued at $1,570 today with a trading volume of $6.2 billion in the last 24 hours. It has seen a decline in value of 0.03% since then and has a market capitalization of $192 billion.

Technical analysis suggests thatEthereum could experience a bullish reversal once it hits the $1,540 double bottom support level. The challenge remains daunting, because there is a strong resistance around the $1,600 threshold. If it overcomes this hurdle, ETH could reach around $1,625.

Ethereum Price Chart – Source: Tradingview

If the support at the $1,540 level is breached on the downside, it could, on the other hand, lead to a further decline in the value of ETH to the $1,500 support level.

Alternative cryptocurrencies to follow

Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.

Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of

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