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Bitcoin
BTC was trading higher on Wednesday, as bulls re-entered the market ahead of the Federal Reserve's interest rate decision later in the day.
BTC/USD rose to an intraday high of $39,095.11 earlier today, after hitting a low of $37,585.62 on Tuesday.
Bitcoin exploited its recent support level of $37,500 as a springboard, bouncing to its highest point this week in the process.
This rally was triggered by a herd of bulls charging through the gates and breaking through a big ceiling in the RSI indicator.
This resistance was around 42.20 on the chart, and after the breakout, price strength has tracked at its best level since April 21.
At 45.50, a new ceiling awaits at 48.70, where this current bullish momentum will most likely be put to the test, with some likely to secure gains and exit their positions.
Ethereum
On Fed day, the price of ethereum rose modestly as it moved further away from its long-term support.
So far on Wednesday, ETH/USD has reached an intraday high of $2,876.42, which is roughly 0.9 percent higher than yesterday's low of $2,762.12.
This low was reached as prices momentarily went below the $2,780 support level. However, history repeated itself, with bulls re-entering at that level, as they had done previously.
Price strength on the ETH chart is tracking close to a ten-day peak, similar to BTC, but an impending ceiling could stifle further gains.
This ceiling is the 47.70 level on the Relative Strength Index, as shown on the chart, but simply hitting this level should be enough to push the price above $2,950.
We'll probably need an infusion of more bulls to break through that resistance and get beyond $3,000 to keep the upward pressure going.
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