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Ethereum Price Prediction: Rebound to $1,500 is Still Likely
Ethereum price recovery faded on Thursday after a relatively hawkish turn by the Federal Reserve. The coin was trading at $1,312, which was a few points below this week’s high of $1,350. This price is also a few points below November 4th high of $1,688.
Hawkish Federal Reserve
Etherem and other financial assets dipped on Thursday following the rate decision by the Fed. As was widely expected, the Fed decided to hike interest rates by 50 basis points. By so doing, the Fed pushed rates to the highest level in 15 years in its bid to fight inflation.
The most surprising part of the decision was how hawkish it was. In a statement, the Fed said that it will likely continue hiking interest rates in the coming months. It pointed towards another 0.50% rate increase in its next meeting in February followed by a smaller 0.25% increase in March.
Before the meeting, analysts were expecting that the Fed would hike rates by 0.25% in February followed by 0.25% in the following month.
Other central banks also had a hawkish turn. In the European Union, the European Central Bank decided to hike rates by 50 basis points. And in a statement, it added that it will continue its battle against inflation in a forceful manner.
The Fed, ECB, and BoE statements were likely meant to push back against what the market was expecting. In the past few weeks, the performance of the US dollar, bond yields, and stocks has been positioning for a dovish turn. Such a tone would have worked against the Fed actions.
Ethereum price prediction
The 4H chart shows that the ETH price has been in a bullish trend in the past few weeks. In this period, it has moved from November’s low of $1,074 to a high of $1,358. It has moved above the ascending trendline shown in red. Further, the coin has moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral point.
Therefore, I suspect that Ethereum price will bounce back in the coming days. If this happens, the next key level to watch will be $1,500. A drop below the support at $1,235 will invalidate the bullish view.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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