The highly anticipated FOMC statement released on June 12 had a brief impact on the crypto market, causing Ethereum and Bitcoin prices to fluctuate. Investors initially reacted positively, driving Ethereum's price up to $3,655 and Bitcoin's to $70,000. However, this optimism was short-lived, and prices soon pulled back.

Ethereum's Price Movement

Ethereum's price rose by 6% in less than 20 hours, reaching $3,655, before declining. It is currently trading below its 50-day and 200-day simple moving averages, with strong support around $3,420 and $3,260. Bulls are eyeing the $3,200 level as a potential zone to gain momentum and surpass the $3,655 resistance.

Bitcoin's Price Movement

Bitcoin briefly touched $70,000, a level not seen since June 10, before falling back. It is still trading below its 50-day and 200-day SMA averages, but strong support around $66,000 may prevent further decline. Bulls are looking to reclaim the $70,000 and $72,000 price targets in the coming days.

Market Outlook

Despite the Fed's report of solid economic growth and strong employment gains, the economic outlook remains uncertain. The expected number of interest rate cuts for 2024 has dropped, indicating a slow pace of economic improvement. However, this could be beneficial for the crypto market, with Ethereum potentially reclaiming $4,000 and Bitcoin holding above a major support area.

Conclusion

In conclusion, the FOMC statement had a brief impact on the crypto market, causing Ethereum and Bitcoin prices to fluctuate. While the economic outlook remains uncertain, the crypto market may benefit from a healthy economy. As investors continue to navigate the market, Ethereum and Bitcoin prices may rise once again.