ETH moves back above $1,600 as markets look forward to Fed rate decision.
/USD moved to a high of $1,623.68 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,567.57.
Today’s rise in prices comes as the world’s second largest cryptocurrency climbed above its ceiling of $1,585.As can be seen from the chart, the upward crossover of the 10-day , and 25-day moving averages seems to be reaching a summit, which could be a sign of slowing momentum. The RSI is also in overbought territory, which means bears could be already positioning themselves for reentry.
Wednesday’s United States Federal Open Market Committee meeting could likely be the trigger which either extends current momentum, or shifts its direction.Tags in this story
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