On Thursday, when markets reacted to the most recent Federal Reserve interest rate decision, bitcoin plummeted below the $27,000 threshold. As anticipated, the Fed decided to hold interest rates steady at 5.5% while indicating that there will be one more increase in this cycle. Following the choice, the dollar appreciated everywhere. Ethereum is about to fall below $1,600.
Bitcoin
Following the U.S. Federal Reserve interest rate decision, bitcoin plummeted for a second day in a row.
BTC/USD hit a high of $27,289.77 on Wednesday before falling to a low of $26,703.77 early today.
The Fed's decision to take a break has boosted the value of the dollar, with the USD/GBP rate reaching its highest level since April as a result.
 |
| BTC/USD--Daily Chart |
The 14-day relative strength index (RSI) dropped below a support level at the 55.00 level as a result of the BTC decline.
Price strength is currently 52.45, and it indicates that it will soon reach a lower floor around the 45.00 area.
In the event that the index reaches this level, there is a significant likelihood that bitcoin will be trading around $26,000.
Ethereum
In today's session, Ethereum (ETH) came dangerously close to falling below a crucial price level and making a one-week low.
After reaching a high on Wednesday of $1,639.35, ETH/USD fell to an intraday low earlier in the day of $1,606.18.
The price of ethereum dropped below $1,600 last on September 13; as a result of Thursday's slump, it is now at its lowest point since then.
 |
| ETH/USD--Daily Chart |
The RSI has dipped deeper into oversold territory since failing to break out of a ceiling at 49.00 and is currently tracking at 41.52.
Bears appear to be aiming for the 35.00 level as a point of support, which might cause ETH to hit the $1,575 floor.
Given that the 10-day (red) and 25-day (blue) moving averages have not yet crossed, bulls may still be waiting in the wings.
Are cryptocurrency bulls holding off to purchase the dip? Post your opinions in the section below.