The four-hour chart below shows that the upward movement is taking place against the backdrop of declining trading volumes; the RSI indicator has already entered the overbought zone. This may lead to the risk of a short-term correction.

A notable event took place on the eve of the latest meeting of the Federal Open Market Committee (FOMC); on September 18, the Fed lowered the key rate range for the first time since 2020 to 4.75-5% per annum, which stimulated the continued growth of the first exchange-rate cryptocurrency.

According to BitMEX co-founder Arthur Hayes, all eyes are now on the Bank of Japan meeting on September 20.

The Fed has cut rates, and now all eyes are on the BOJ decision this Friday.

Analyst and founder of MN Trading Michael van de Poppe expects the central bank to further ease monetary policy “to keep the economy moving forward.”

However, the scatter plot suggests that another 50-75 bps rate cut is likely in the coming months —> bullish for#Cryptoand $ETH .

Despite the confident recovery of crypto asset prices, the index of safety and greed is still in the neutral zone. For this, the indicator of the duration of time indicated by panic sentiments is partially slowing down.

At the time of writing, the total market capitalization is $2.28 trillion with the Bitcoin index dominating at 55%, according to CoinGecko.

Let us recall that the global asset managers at BlackRock called the first cryptocurrency a “unique diversifier.”

According to analysts, digital gold “reflects little fundamental dynamics” of the macroeconomic factors that influence most traditional financial instruments.