Powell Testimony: Bitcoin & Ethereum Technical Analysis Stall Ahead

• Bitcoin (BTC) and Ethereum (ETH) prices were largely unchanged in today’s session, as markets prepared for this afternoon’s testimony from Fed Chair Powell.
• BTC/USD fell to a low of $22,356.62 earlier in the day, while ETH/USD narrowly avoided a collision with a floor at $1,560.
• The head of the U.S. Federal Reserve will be speaking in front of the Senate Banking Committee later in the day.

Bitcoin and Ethereum Technical Analysis

Bitcoin Consolidates Ahead of Powell Testimony

Bitcoin (BTC) continued to trade sideways on Tuesday, as market uncertainty remained high ahead of Fed Chair Powell’s testimony. The 14-day relative strength index (RSI) was hovering above its own point of support at 42.00, with bulls targeting a ceiling at 49.00 should sentiment shift positively after the speech.

Ethereum Narrowly Avoids Collision with Support Point

Ethereum (ETH) was also largely unchanged in today’s session, with prices trading close to a recent support point at $1,560. Following a high of $1,579.46 to start the week, ETH/USD fell to an intraday low of $1,561.44 earlier in today’s session before climbing marginally higher as the day progressed. Momentum remains bearish overall however, as the 10-day (red) moving average continues to extend its crossover with its 25-day (red) counterpart.

Powell Testimony Could Impact Cryptocurrency Prices

Fed Chair Powell will be speaking in front of the Senate Banking Committee later today and many believe that he will give some forward guidance into the Federal Reserve’s current thinking and how aggressive they may be in their upcoming meeting. If Powell gives markets a reason to be optimistic then this could potentially have an impact on cryptocurrency prices going forward as investors could see it as an opportunity for further gains or losses depending on what is said during his speech.

Bitcoin and Ethereum Analysis Summary

Overall Bitcoin and Ethereum both remain largely unchanged in terms of price action despite this afternoon’s highly anticipated testimony from Fed Chair Powell which could impact their respective prices moving forward depending on what is said during his speech later today.. The 14-day RSI for BTC is currently tracking at 43 while ETH is tracking at 44 which indicates that both cryptocurrencies are still trading within relatively narrow ranges indicating there could be further price movements following Powell’s testimony so investors should remain vigilant over what happens next if they are looking for potential gains or losses depending on how bullish or bearish his speech turns out to be..