BTC pumps as FOMC meeting keeps rates unchanged

  • Bitcoin price could rally 10% if it overcomes $43,750 barrier.
  • Ethereum price likely to revisit $2,200 as the recovery rally hits the wall.
  • Ripple price eyes a 7% fall to bottom out near $0.4746 as community digests executive’s hack.

Bitcoin (BTC) price fell after the Federal Open Market Committee (FOMC) meeting, and Ethereum (ETH) and Ripple (XRP) prices failed to inspire confidence as the broader altcoin community bled on Wednesday.

Also Read: As monthly close draws near, significance of $43,750 grows

Bitcoin price confronts $43,750

Bitcoin (BTC) price has failed to break past the immediate barricade at $43,750 despite the Fed keeping rates unchanged, in line with expectations. Based on the minutes, there may be no rate cuts until such a time when the Fed has greater confidence that inflation is moving toward its 2% target.

Coming into the event, however, Bitcoin price ticked up nearly 3% with technical indicators favoring the upside. The Relative Strength Index (RSI) is above the 50 mean level, while the histogram bars of the Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD) are flashing green. These show growing momentum in favor of bulls.

Increased buying pressure could see Bitcoin price flip the $43,750 hurdle into support and then extend above it to $48,000. In a highly bullish case, BTC could make its way to the $50,000 psychological level, 15% above current levels.

BTC/USDT 1-day chart

Conversely, a rejection from $43,750 could see Bitcoin price retract to the $40,726 support. An extended fall could send BTC to $37,800, below which there would be a cliff all the way to the $30,000 psychological level.

Also Read: Bitcoin price likely to support these altcoin narratives this week

Ethereum price could fall to $2,200

Ethereum (ETH) price is stuck below the ascending parallel channel, with the potential to fall as momentum is fading. The RSI, is below the 50 midline, while both the AO and MACD remain in negative territory, bolstering the case for the bears.

A rejection from the lower boundary of the channel could see Ethereum price fall past the $2,200 level and the 100-day SMA at $2,177 to test the supply zone that now acts as a bullish breaker between $2,059 and $2,118. Breaking below its midline at $2,091 would confirm the continuation of the pullback’s potential for going as low as the $2,000 psychological level. To invalidate the bullish thesis, the price must record a candlestick close below $1,935.

ETH/USDT 1-day chart

However, if more bulls show resolve, Ethereum price could venture into the supply zone, flipping $2,388 into support. In a highly bullish case, the gains could send ETH past $2,717 range high to record a higher high above $2,800.

Also Read: Ethereum Price Prediction: $2,500 in sight as bullish metrics steer ETH back into the channel

Ripple price dips after hacking incident

Ripple (XRP) price has dipped into the daily Fair Value Gap (FVG) between $0.4927 and $0.5111. Breaking and closing below its midline at $0.5040 could see XRP price extend the fall to the support floor at $0.4746.

XRP/USDT 1-day chart

Nevertheless, enhanced buyer activity among bulls could send Ripple price north past multiple obstacles to overcome resistance due to the falling trendline. This would bring the $0.7000 psychological level in sight.

Also Read: Ripple executive’s XRP accounts get compromised in $112.5 million hack