Bitcoin and Ethereum Price Predictions Awaiting US FED Decisions


Bitcoin is trading this morning at $17,788 up 3.6% over 24 hours and Ethereum broke the $1,300 mark, quoting $1,321, up 4.3%. Both cryptocurrencies benefit from the weakening of the US dollar which increases the demand for cryptocurrencies.

Overall, that’s all the market of the main cryptocurrencies which improves and increased by 2.52% to reach a capitalization of 870.79 billion dollars. Over the past 24 hours, the overall crypto trading volume has increased by 52.60% to $53.51 billion.

Total DeFi volume is currently $2.94 billion, or just under 6% of total transactions while overall trading volume on stablecoins is $53.26 billion, or more than 99 % of total.

The most notable rises and falls in the market

Among the currencies that gain the most value over 24 hours, we can distinguish:

  • Toncoin (TON): gaining nearly 10% to $2.46.
  • Fantom (FTM): Up more than 9% to $0.2537.
  • Lido DAO (LDO): which appreciates by nearly 8% to $1.14.

On the side of cryptos which, on the contrary, depreciate, we note the presence of:

  • GMX (GMX): Down more than 8% to $53.99.
  • Stacks (STX): Down more than 5.5% to trade at $0.2867.
  • USD Neutrino (USDN): Sheds more than 5% at $0.7481.

Expectations on FED announcements in the United States

At the end of its two-day meeting, the Federal Reserve should raise interest rates by half a point, signaling a less aggressive approach from the central bank as evidence emerges that inflation may be slowing. That’s still nothing, especially when you compare those numbers to the quarter-point hikes announced at the last four Fed meetings.

Still, it’s a steep increase that will hurt the savings of millions of American businesses and households by making it more expensive to take out loans for things like homes, vehicles and other necessities.

The expected Fed decision would push the rate at which banks charge each other for overnight borrowings between 4.25 and 4.5%, the highest level observed since 2007.

When the Federal Reserve releases its economic outlook in its Summary of Economic Projections, investors will be paying close attention. And, they will listen to the press conference from Powell, the Fed official, to get an idea of ​​what to expect, even if they may be disappointed.

The impact on the cryptocurrency market

With a rate increase of 0.50%, we could see a drop in the cryptocurrency marketbut it will probably be temporary and prices will return to their previous level.

Since most of the 0.50% rate hike has already anticipated by investorsthe market is unlikely to show significant price moves unless the Fed surprises with a rate hike of 0.75% or 0.25%.

The price of bitcoin

The current Bitcoin price is at $17,788 with a 24-hour trading volume of $26 billion. It thus progressed by 3.6% compared to yesterday and brought its market capitalization to an amount of 341 billion dollars.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin broke through a key resistance level at $17,350 and this fact suggests that the buying trend may continue for a few days if the Fed’s announcements do not thwart this progress.

Major technical indicators, such as the RSI and MACD, are currently in the buy zone, implying that the price of Bitcoin may continue to rise.

Bitcoin’s next major resistance level is at $18,125, and an upward crossing of this level could lead to further buying by traders and result in a price of $18,600.

Bitcoin Price Chart – Source: Tradingview

On the other hand, the $17,350 level can serve as support for the price of BTC. This level previously served as a resistance and it is likely to maintain BTC’s uptrend.

A downward crossing below this level, on the contrary, could cause the price of BTC to drop to the $16,850 level.

The price of Ethereum

The current price of Ethereum is $1,321, climbing 4.3% from yesterday. ETH’s 24-hour trading volume is $8 billion and its live market capitalization stands at $161 billion.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the 4-hour chart, Ethereum broke through a resistance level at $1,305 which will now act as support for the price. The 50-day moving average, the RSI and MACD indicators all indicate, on their side, that the uptrend of theETH should continue.

On the upside, Ethereum’s immediate resistance is now at $1,345, and if price breaks above it, we can then expect to go up to $1,385.

Ethereum Price Chart – Source: Tradingview

On the opposite, a break below $1,310 can take ETH to the $1,260 level.

Dash 2 Trade (D2T) – Last step of the presale

Dash 2 Trade is an Ethereum-based trade intelligence platform that helps investors make better trading decisions by providing real-time analytics and social trading data. It will be commissioned in early 2023 and its D2T token will be used to pay the platform’s monthly subscription fee.

The Dash 2 Trade presale has already raised more than $9.7 million in its fourth and final stage. Registrations on the Uniswap, BitMart and LBANK Exchange platforms are also announced for the beginning of next year, which implies that the first investors will soon be able to realize some profits.

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Crypto news





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