Rise of cryptocurrency after United States Federal Reserve announce interest rates to remain at 0%.

Markets seem to be entering recovery mode after the United States Federal Reserve announced that interest rates will stay near 0% for the time being. After the announcement by the Fed, prices across the cryptocurrency market began to rise, pushing Bitcoin (BTC) up 4.11% towards its next major line of resistance at around $39,000.

As usual, Bitcoin leads the pack in the market with the majority of the cryptocurrency market rising behind it. The native token of the leading smart contract platform Ethereum, Ether (ETH), also responded positively to the bullish sentiment from the Fed, with its price climbing 8.11% on the daily chart to a high of $2,723.

Several analysts in the market took to Twitter to discuss ETH’s recent price movements and speculate on where the leading altcoin could be headed in the short term:

An analysis of Ether’s price action in the short term was provided by crypto trader and pseudonymous Twitter user CryptoAmsterdam, who noted Ether’s “nice 12% bounce since the flip” but cautioned that he “wouldn’t chase the green here”.

Further insight was provided by options trader and pseudonymous Twitter user John Wick, who posted a chart analyzing the formation of a bottoming pattern on the Ether 4-hour chart. He also warned that he would like to “see more upside from BTC to breakout”, presumably since the pair typically trade closely together.

A final bit of analysis on key levels to focus on in the near term was posted by crypto trader TheCryptoCactus on Twitter, who warned that what’s needed next is “to get a valid support / resistance flip of $2,850.” He went on to say that he would personally rather wait until the price breaks over $3,000 into support to take a large position.

The overall cryptocurrency market capitalization now sits at $1.699 trillion, with Bitcoin’s dominance rate at 41.8% at the time of writing.