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After the FOMC statement press release on June 12, Ethereum price briefly rose to $3,655 before declining. Meanwhile, Bitcoin price also saw an increase in volatility, rising to $70,000 before pulling back. At the time of writing, Bitcoin was trading at $67,643, while Ethereum was at $3,507.
What is Happening with Ethereum?
Investors began to see a rise in Ethereum and Bitcoin prices a few hours after the FOMC meeting, as they expected good news from the government institution. Ethereum price increased by 6% in less than 20 hours, reaching $3,655, while Bitcoin price also rose by 6%, reaching $70,007.
After the FOMC press release, investors sold the news, causing Ethereum and Bitcoin prices to decline. 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 formed significant resistance and was rejected, leaving an important wick. Bulls are currently eyeing $3,200 as a potential bullish zone to gain the momentum needed to surpass the $3,655 resistance.
On the other hand, Bitcoin briefly achieved 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. Despite briefly rising above these indicators yesterday, Bitcoin price is still trading below its 50-day and 20-day SMA averages. Bitcoin bulls could 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 the Fed reporting solid economic growth, strong employment gains, and low unemployment, the economic outlook remains uncertain. The expected number of interest rate cuts for 2024 has dropped from three to one, with most cuts postponed to 2025. These facts and figures indicate that the economy is improving but at a very slow pace. A healthy economy could be beneficial for crypto markets.
Reports of an improving economy are increasing optimism among investors, and Ethereum price 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.
