Bitcoin Price and Ethereum Prediction – Big Day, Eyes on the US FOMC & Fed Rate Decision

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Arslan Butt
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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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On November 02, the Bitcoin price is choppy, maintaining a narrow trading range of $20,300 to $20,800 ahead of the US FOMC and Fed Rate decision. Similarly, Ethereum has increased by less than 0.50% to $1,590, indicating investor indecision ahead of major news.

The worldwide crypto market cap gained over 0.88% to $1.01 trillion the previous day, putting major cryptocurrencies in the green today. Over the last 24 hours, overall crypto market volume climbed over 22% to $87 billion. 

The overall volume in DeFi was $4.01 billion, accounting for 4.57% of the total 24-hour volume in the crypto market.  Overall, the market is risk-off ahead of the United States Federal Reserve’s monetary policy and rate decision later today during the New York session. 

Top Altcoin Gainers and Losers

Toncoin (TON), Chiliz (CHZ), and Theta Network (THETA) were the top performers in the last 24 hours. TON price has increased by more than 9% to $1.65, while CHZ price is up by nearly 5% to $0.22. At the same time, SHIB has gained more than 4% to trade at $1.23.

Top Altcoin Gainers and Losers – Source: Coin360 

Terra Classic (LUNC) has dropped more than 4% to $0.00023 in the last 24 hours. Casper (CSPR) is down over 4% to around $0.039, and ApeCoin (APE) is down about 4% to $4.50.

Big Day, Eyes on the US FOMC & Fed Rate Decision

Today’s market focus is on the FOMC and Fed interest rate decision, which will be released during the US session. The market expects the Federal Reserve to raise interest rates by 75 basis points (bp). It would be significant if the hawks’ focus on core inflation momentum implies a fifth 75bp hike in December.

  • FOMC Statement – 18:00  GMT
  • Federal Funds Rate – 18:00  GMT
  • FOMC Press Conference – 18:30  GMT

The Federal Open Market Committee (FOMC) is expected to adopt a fourth consecutive 75bp rate hike despite two consecutive quarters of declining GDP, the economy has returned to growth, and job creation is accelerating, with job vacancies currently outnumbering unemployed Americans by a ratio of four.

Inflation is at a record high; thus, the Federal Open Market Committee of the central bank is expected to raise interest rates by 0.75 percentage points today for the fourth straight time. In addition, in December, investors will be looking for signs that the Fed is poised to decrease the pace of its rate hikes.

For the December meeting, futures markets predict a 49% possibility of a 0.75% point increase and a 44% chance of a lower increase of 0.5% points. Data reported on Tuesday showed a solid labor market, which could reduce the likelihood of a lesser increase in December if it continues. However, Tuesday’s futures market interest rate predictions showed little change from the previous day.

According to the Institute for Supply Management’s factory activity index, manufacturing output fell marginally in October, which dropped to 50.2 from 50.3 in September. The markets had anticipated a number around 50. 

The Federal Reserve has aggressively tightened monetary policy this year by raising its key policy rate from near zero to its current range of 3% to 3.25%, which has caused the blue-chip S&P 500 to fall from its record high reached in January.

Hence, the Fed press conference will be more important than its actual rate hike as investors will be looking for clues on the upcoming rate hikes. 

Bitcoin Price 

The current Bitcoin price is $20,476, and the 24-hour trading volume is $38 billion. Bitcoin has lost 0.1% during the Asian session as the market is lacking volatility ahead of the big event today. In the last seven days, the BTC/USD has gained over 1.5%.

CoinMarketCap currently ranks first, with a live market cap of $393 billion, down from $394 billion yesterday.

Bitcoin Price & Tokenomics – Source: coinmarketcap

In the 4-hour timeframe, the BTC/USD pair is trading in an upward channel, with support near $20,300 and resistance near $20,700. The 50-day moving average is extending support near the $20,400 level, and candles closing above this line indicate that Bitcoin is in a bullish trend.

The RSI and MACD remain bearish, indicating a minor reversal in an uptrend. As a result, a bearish breakout of the $20,300 support level could push the selling trend all the way to the next support level at $19,950.

Bitcoin Price Chart – Source: Tradingview

On the bullish side, a surge in Bitcoin’s demand may allow it to break through the $20,800 resistance zone and reach the $21,000 level. A further bullish breakout above the $21,000 level could take BTC to $21,450.

Ethereum Price 

Ethereum’s current price is $1,584, with a 24-hour trading volume of $14 billion. In the last seven days, Ethereum has increased by more than 6%. Ethereum is now ranked secondon CoinMarketCap, with a live market capitalization of $194 billion, down from $195 billion yesterday.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the 4-hour chart, the ETH/USD pair has established an upward channel, which is supporting it around the $1,550 level. Ethereum is currently closing Doji and spinning top candles, signaling indecision among investors.

Typically, an upward channel pushes an asset price higher, so ETH may trade bullish until the $1,660 barrier level. A bullish crossover above $1,656 might propel ETH to $1,720 or $1,805.

Ethereum Price Chart – Source: Tradingview

Leading indicators, such as the RSI and MACD, remain in the purchase zone. As a result, the likelihood of a bullish correction above $1,550 is still significant. Simultaneously, a breach below this level might expose ETH to $1,480 or $1,404 today.

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Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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