Ethereum
Ethereum Price Soars 6%: ETH Needs to Clear $2,145 For a Bullish Trajectory
Ethereum price soared on Friday, flipping the important $1.9K level amid positive sentiment in the overall crypto market. At press time, Ethereum was trading 6% higher at $1,990.31. The altcoin’s total market cap has jumped 6.25% over the last day to $239.8 billion, while the total volume of ETH traded increased by 23.51%.
Fundamentals
Ethereum price is set to end the week higher as investors digest the latest interest rate hikes by the US Federal Reserve and the European Central Bank. The crypto market is getting rid of weak hands as markets experience major volatility. The global crypto market cap has increased 2.78% over the last day to $1.22 trillion, while the crypto market volume rose by 14.16%.
The US Federal Reserve announced on Wednesday a 25-basis point interest rate hike, the third rate hike this year. Usually, an environment of higher interest rates has proven to be bearish for risk assets such as stocks and especially cryptocurrencies. However, markets had already priced in the hawkish move by the US Central Bank as no major sell-off was seen in cryptocurrencies.
The European Central Bank (ECB) slowed the pace of its interest rate hikes on Thursday but suggested more tightening to come as it continues to battle inflation. All ECB’s policymakers except one, supported the 25-basis point rate hike to 3.25%, following an unprecedented series of 75 and 50 basis point hikes since last July.
US Treasury yields edged higher on Friday as investors gauged what April’s jobs data means for the economy and the Fed rate hike. The yield on the 2-year Treasury yield ticked higher to 3.918%, while the 10-year Treasury yield rose to 3.435%. The US dollar currency index, which measures the performance of the greenback against other major currencies, inched slightly lower on Friday to 101.282, at the time of writing.
Ethereum Price Prediction
The daily chart shows that the Ethereum price has staged a strong comeback over the last day, jumping above the $1.9K level. Ethereum, the largest altcoin by market cap, has been on a slow but steady upside trajectory for the past few days, climbing more than 4% in the past week and more than 66.19% in the year to date.
The asset has managed to remain above the 50-day and 100-day moving averages, as well as the 50-day and 200-day exponential moving averages. It is also hovering above the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI) is currently at 58.
As such, a move past this year’s high at $2,145 will likely push the Ethereum price higher to $2,200. However, a drop below the $1,900 level will invalidate the cautiously bullish thesis.
ETH Price Chart
Ethereum price plunged on Wednesday as rumors of a potential Fed interest rate hike curb the asset’s gains. At the time of writing, the altcoin had plunged 6.14% to $1,973.26. Ethereum’s total market cap has dropped by more than 5% over the last day to $236 billion, while the total volume of the coin traded jumped by nearly 52%.
Fundamentals
The global crypto market was in the red on Wednesday as markets price in an 86% chance of the Federal Reserve hiking interest rates. The largest coins, Bitcoin and Ether, led the losses in the market, lowering the overall sentiment in the crypto market. Bitcoin price fell by more than 3%, changing hands at $29,000.
Ethereum price dropped sharply below the important level of $2,000, following a 12% rally over last week that pushed it to its highest since August 2022. The drop in crypto prices comes in the wake of the uncertainty around the outlook of the Fed’s monetary policy meeting later in May and a stronger dollar.
Atlanta Fed President Raphael Bostic said that he anticipates a 25-basis point interest rate hike in May and then a hold. St Louis Federal Reserve President James Bullard also said that he favors a higher terminal rate of between 5.50% and 5.75%. In Europe, European Central Bank officials have become jittery about inflation and suggested further interest rate hikes.
Markets were brooding on the latest…
Ethereum price has been hovering above the crucial $2,000 level for the past two days off the back of the successful Shanghai upgrade and the overall bullish sentiment in the crypto market. Ethereum, the largest altcoin by market cap has jumped by more than 10% since its upgrade on Wednesday, raising its year-to-date price to 72%.
Fundamentals
Ethereum price built on its post-Shapella upgrade on Friday as investors felt relieved following the successful Ethereum upgrade without potential negative effects. ETH’s price briefly climbed to $2,128.76 earlier on Friday, its highest level since May 16, 2022. The altcoin’s total market cap has inched nearly 3% higher to $247.8 billion over the past day, while the total volume of ETH traded increased by 17%.
The Ethereum network completed its long-awaited Shanghai upgrade on Thursday morning, pumping Ether’s price higher. The upgrade was intended to introduce new enhancements such as ETH validator withdrawal, improved security, and reduced gas fees. Many were initially concerned that the Shapella upgrade would pump selling pressure after the launch. Shanghai is the second-largest developmental upgrade on the Ethereum blockchain after last year’s Merge.
Ethereum has also been thriving on the decline in the latest US inflation data that has raised hopes of the Federal Reserve putting a pause or ending its interest rate hike cycle. Lower interest rates tend to pump liquidity into cryptocurrencies, raising their prices higher. The global crypto market has moved higher…
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…
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