Ethereum

FOMC

2024

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-and-bitcoin-prices-react-to-fomc-statement/" data-wpel-link="internal">Ethereum and Bitcoin Prices React to FOMC Statement</a><br></p>
<p class="p1" style="text-align: justify">After the FOMC statement press release on June 12, <strong><a href="https://en.coin-turk.com/ethereum-price-predictions-will-eth-rise-or-fall/" data-wpel-link="internal">Ethereum</a></strong> 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.</p> 
<h2 class="p1" style="text-align: justify" id="what-is-happening-with-ethereum">What is Happening with Ethereum?</h2> 
<p class="p1" style="text-align: justify">Investors began to see a rise in <strong>Ethereum</strong> and Bitcoin prices a few hours after the FOMC meeting, as they expected good <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">news</a> 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.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-362002 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/eth-3.jpg" alt="" width="1280" height="565"></p> 
<p class="p1" style="text-align: justify">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.</p> 
<p class="p1" style="text-align: justify">On the other hand, <strong>Bitcoin</strong> 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.</p> 
<h2 class="p1" style="text-align: justify" id="what-to-expect-in-the-crypto-market">What to Expect in the Crypto Market?</h2> 
<p class="p1" style="text-align: justify">Despite the Fed reporting solid economic growth, strong employment gains, and low unemployment, the economic outlook remains uncertain. The expected number of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> 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.</p> 
<p class="p1" style="text-align: justify">Reports of an improving economy are increasing optimism among investors, and <strong>Ethereum</strong> 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.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-and-bitcoin-prices-react-to-fomc-statement/" data-wpel-link="internal">Ethereum and Bitcoin Prices React to FOMC Statement</a></h5>

Ethereum and Bitcoin Prices React to FOMC Statement

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