Altcoins
Ethereum Price Dips as Markets Digest Latest Fed’s Interest Rate Decision
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s median forecast, the Federal Reserve will hike interest rates one more time in 2023 before ending its inflation fight. The Fed kept its terminal rate unchanged in the target range of 5%-5.25%.
Ethereum Price Analysis
Ethereum price tumbled on Wednesday as markets digested the Fed’s latest decision. At press time, the largest altcoin by market cap was trading 4.35% lower at $1,722.92. The ETH price hit an intraday high of $1,819.98 before pulling back. Even so, Ethereum continues to trade above the 25-day and 50-day moving averages. It is also trading above the 50-day and 200-day exponential moving averages.
Its Relative Strength Index (RSI) has inched lower to 55, hinting at a decline in buying pressure. The Moving Average Convergence Divergence (MACD) indicator shows a decline in bullish momentum.
Therefore, the Ethereum price is likely to face a short-lived decline in the short term as bears eye the next logical support levels at $1,685 and $1,635 along the 25-day and 50-day MA. On the other hand, a move past the resistance level at $1,805.40 will invalidate the cautiously bearish thesis.
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
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Ethereum Price: ETH Has Managed to Flip Major Hurdle at $1,800
