EUR/USD raced to a six-week high on Thursday, as markets continued to react to the U.S. Federal Reserve’s 25-basis-point rate hike. The greenback was lower across the board, falling versus several G7 currencies, including the British pound.

EUR/USD

On Thursday, the world’s most traded currency pair rose for a sixth straight session, as markets continued to digest yesterday’s rate hike.

The Federal Reserve opted to increase rates by 0.25%, despite recent uncertainty in the banking sector.

Following the announcement, Fed Chair Jerome Powell stated that “FOMC participants don’t see rate cuts this year, it is not our baseline expectations.”

Overall, it appears that lowering inflation remains the priority for the Fed, with the U.S. Treasury exploring ways to guarantee client deposits should any further banks face liquidity issues.

EUR/USD rose to an intraday high of $1.0929 in today’s session, which is its highest rate since February 3.

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Litecoin was one of Thursday’s biggest gainers, as prices rose by as much as 13% in today’s session. This came despite the global crypto market cap shifting lower, down 1.65% as of writing. Dogecoin was also higher, as the meme coin rebounded from Wednesday’s losses.

Litecoin (LTC)

Litecoin (LTC) has been one of Thursday’s biggest gainers, as prices rose by as much as 13% in today’s session.

LTC/USD raced to an intraday high of $91.70 in today’s session, a day after falling to a low of $79.95.

As a result of the move, LTC climbed to its strongest point since March 3, when the token reached a peak of $95.49.

Overall, the move has pushed the 10-day (red) moving average closer to an upwards crossover with the 25-day (blue) moving average.

Although some will be anticipating a cross, there appears to be a hurdle in place, which comes in the form of a ceiling on the relative strength index (RSI).

At the time of writing, the index is tracking at 55.35, which is marginally below the aforementioned resistance zone at 56.00.

Dogecoin (DOGE)

Dogecoin (DOGE) was also higher in today’s session, as the meme coin rose to a five-day high.

Following a low of $0.07213 on Wednesday, DOGE/USD rose to a peak of $0.07819 earlier today.

The move saw DOGE rebound from yesterday’s losses, hitting its highest point since last Saturday in the process.

Looking at the chart, today’s surge has sent the 10-day (red) moving average to the brink of a cross with its 25-day (blue) counterpart.

This typically is a sign of upcoming rallies, which like with LTC, will have to come once the RSI breaks free of a current point of resistance.

Price strength is currently tracking at 51.38, which is slightly below a ceiling at the 52.00 mark.

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Bitcoin moved below $28,000 on Thursday, as markets reacted to the latest Federal Reserve interest rate hike. The Fed opted to increase rates by 25 basis points (bps) as many had anticipated, and signal one more hike this year. Ethereum was also lower on the news, falling below $1,800.

Bitcoin

Bitcoin (BTC) dropped below $28,000 on Thursday, as markets continued to react to the latest Federal Reserve rate hike.

The Fed moved to increase rates by 25 basis points, whilst signaling that no cuts will be made this year.

BTC/USD fell to an intraday low of $26,760.00 on the news, which comes a day after trading at a peak of $28,803.34.

From the chart, the decline appears to have come as a result of the relative strength index (RSI) failing to break out of a ceiling at 72.00.

As of writing, the index is tracking at 66.54, with the next visible point of support at the 62.00 mark.

Overall, prices are still relatively overbought, which could lead to further bears reentering the market in the coming days.

Ethereum

In addition to BTC, ethereum (ETH) was also back in the red on Thursday, with prices moving below $1,800.

Following a high of $1,821.46 on Wednesday, ETH/USD declined to a low of $1,717.77 earlier in today’s session.

As a result of the slippage, ethereum neared a recent point of support at the $1,715 mark, however bulls have so far rejected a breakout.

Looking at the chart, the 10-day (red) moving average remained in an upward trend, which could be a sign of future bullish momentum.

Price strength is currently tracking at 58.02, which is marginally above a floor at 57.00, resulting in ETH jumping from earlier lows.

At the time of writing, ethereum is tracking at $1,756.34.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.