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On March 8, as markets continued to respond to U.S. Fed Chair Jerome Powell’s comments, Bitcoin fell below the $22,000 level. Powell said he expects rates to be higher than initially anticipated while speaking before the Senate Banking Committee. Ethereum has decreased as a result of the news.
Bitcoin
Following Jerome Powell’s remarks from the U.S. Federal Reserve Chair yesterday, Bitcoin (BTC) fell below $22,000 on Wednesday.
The final level of interest rates “is likely to be higher than originally anticipated,” Powell said yesterday.
Early in today’s session, BTC/USD dropped to a low of $21,964.99 after reaching a high of $22,421.42 the previous day.
The movement occurred after a break through a crucial support level at $22,300, which occurred at the same time the relative strength index (RSI) dropped below its own floor at 42.00.
As of writing, the index is now tracking at 40.36, with a lower floor at 38.00 a possible target for bears.
Ethereum
Although also in the red, Ethereum’s (ETH) decline was significantly more muted than its counterpart’s.
After reaching a high of $1,568.23 on Tuesday, ETH/USD only slightly decreased to a low of $1,543.13 today.
As a result of the action, ethereum earlier in the day momentarily broke free of a historically significant level of support at $1,550.
ETH is currently trading at $1,557.87, back above this level, and the RSI is above its own most recent peak.
At the time of writing, price strength is at 43.54, above a floor at 43.00, having been in place since February 13.
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