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Cryptocurrency Analysis Today: Bitcoin and Ethereum, Trends, Supports and Resistances

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The crypto market appears to have stabilized a day after the Fed meeting on Wednesday. Federal Reserve Chairman Jerome Powell confirmed predictions that the US government would begin to take a more aggressive stance to fight inflation, raising interest rates by 75 basis points, the biggest increase since 1994.

Bitcoin price remains close to the main support zone at $20.000. At the time of publication of this article BTC is trading close to $20.600 in one day seems stable but has already dropped 30% in one week. Likewise, most major altcoins are holding important support levels.

Today US stock futures are operating higher for the time being this morning as concerns about the prospects of a recession remain high. Contracts on the S&P 500 rose about 1% ahead of the opening bell after the index fell to its lowest level since December 2020 a day earlier.

In this article, we will discuss:

Bitcoin price

After a dip near $20.100, BTC rallied and even broke the $21.200 support. The price is now facing resistance and is trying to rebound above $21.000. On the upside, the first resistance for a new high in the short term is near the $21.550 level. The next major resistance is near the $22.500 level, a rally above this level could push prices to $23.000.

However, the long-term market outlook still looks shaky. All eyes are now on whether Bitcoin will be able to sustain the price above $20.000 and maintain its previous cycle in the face of mounting macroeconomic adversity.

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If the bears gain strength an initial support is near the $20.100 level. The next major support is near the $20.000 zone, below which the price could start a big drop near the $18.000 level.

Ethereum Price

O ethereum price remained above $1.020. Now the bulls are struggling to take ETH above $1.100, for the week the cryptocurrency is already down 39%. On an eventual new high, the main resistance is near $1.200 and then $1.250.

On an eventual dip, ETH can drop to key support near $1.000 and then to $850.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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