Ethereum and Bitcoin Prices: Current Status
Ethereum and Bitcoin Prices: Current Status
After the FOMC statement press release on June 12, the price of Ethereum briefly surged to $3,655 before starting to decline. Bitcoin also saw an increase in volatility, with its price climbing up to $70,000 before pulling back. At the time of writing, Bitcoin was trading at $67,643, while Ethereum was trading at $3,507.
What’s Happening on the Ethereum Front?
As investors awaited good news from the government agency, Ethereum and Bitcoin prices began to rise a few hours after the FOMC meeting. The price of Ethereum increased by 6% in less than 20 hours, reaching $3,655, while the price of Bitcoin also saw a 6% increase, reaching $70,007.
Following the FOMC press release, Ethereum and Bitcoin prices declined as investors sold the news. Currently, Ethereum is trading below its 50-day and 200-day simple moving averages, with strong support around $3,420 and $3,260. The $3,655 level created significant resistance and was rejected, leaving a notable wick. Bulls are now watching $3,200 as a potential bullish area to gain the momentum needed to surpass the $3,655 resistance.
Bitcoin Price: Short-Lived Victory and Support Levels
Bitcoin scored a small victory by touching $70,000 for the first time since June 10. There is strong support around $66,000, and it may not fall below this price soon. Although the Bitcoin price briefly rose above these indicators yesterday, it is still trading below its 50-day and 20-day SMAs. Bitcoin bulls can use the $66,000 support level to reclaim the $70,000 and $72,000 price targets in the coming days.
What to Expect in the Crypto Market?
Despite reporting solid economic growth, strong job gains, and low unemployment, the Fed maintained an uncertain economic outlook. The expected number of rate cuts for 2024 dropped from three to one, with most cuts postponed to 2025. These facts and figures show that the economy is improving but at a very slow pace. A healthy economy can be beneficial for crypto markets.
Reports of an improving economy have increased optimism among investors, and the price of Ethereum could soon reclaim $4,000. Bitcoin bulls have done a great job holding above a major support area. After investors who bought the rumors finish taking profits, Bitcoin and Ethereum prices could rise.
