As Bitcoin and Ethereum Rise After Fed Ramps up Tapering, Here's What 5 Analysts Are Saying

As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) rose following the Federal Reserve’s monetary policy announcement on Wednesday, here’s what analysts are saying about the two major cryptocurrencies.

What Happened: Justin Bennett, a cryptocurrency analyst and trader, told his more than 94,000 followers on Twitter that the Federal Reserve Chairman Jerome Powell’s comments were bullish for cryptocurrencies. He noted that Bitcoin and Ethereum were rallying on the dollar’s weakness.

$DXY struggling on Powell's comments.

No surprise to see $BTC, $ETH, etc. rallying on USD weakness.

Do it!

— Justin Bennett (@JustinBennettFX) December 15, 2021

Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin and Ethereum are rising after the Fed decision. He believes that the bull market will continue for Bitcoin, while Ethereum has completed the correction.

The Dollar Index is dropping.#Bitcoin and #Ethereum are running upwards.

I'm satisfied.

— Michaël van de Poppe (@CryptoMichNL) December 15, 2021

I think the correction is done on #Ethereum in which we've seen a few beautiful retests.

I'm expecting this scenario to play out.

— Michaël van de Poppe (@CryptoMichNL) December 16, 2021

Altcoin Sherpa, another pseudonymous cryptocurrency analyst, said he believes Ethereum was holding up fine and looked better than Bitcoin.

$ETH: Overall USD chart still holding up fine, I'd like to see this 1W level reclaimed. Still looks better than BTC IMO. $ETHUSD #Ethereum

— Altcoin Sherpa (@AltcoinSherpa) December 15, 2021

Pentoshi, a closely-followed pseudonymous cryptocurrency trader with over 417,000 Twitter followers, said that Bitcoin still faced a lot of resistance for a reversal and he would love a “last flush” on the cryptocurrency.

$BTC 4hr, 1D + 1W

Still a ton of work to do for any reversal

Lot of diag resistance and Structural resistance Below EMA's on 1D

Below 21 EMA on weekly

Obviously been building long pos. Would still love one last flush

Want to play alts heavy w/ strong Market struc (very few do

— Pentoshi satsdarts lover (@Pentosh1) December 15, 2021

Cryptocurrency analyst Benjamin Cowen told his over 483,000 Twitter followers that he feels that Bitcoin is still in a downtrend in the short term and lengthening cycles will prevail.

#Bitcoin lengthening cycles will prevail

— Benjamin Cowen (@intocryptoverse) December 16, 2021

Why It Matters: Bitcoin and Ethereum rose along with other major cryptocurrencies after the Federal Reserve said it will accelerate its monthly asset purchase tapering pace to $30 billion and also projected three interest rate hikes in 2023.

Bitcoin has fallen 1.74% over a seven-day period, while Ethereum has fallen 7.40% for the week.

Price Action: Bitcoin is up 0.7% during the past 24 hours, trading at $48,808.54 at press time. Ethereum is up 3.8% during the 24-hour period to $4029.97.

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