Ethereum Prices traded volatile on Thursday as investors reacted to the latest interest rate decision by the Federal Reserve. It was trading at $1,760, where it has been for the past few days. This price is about 52 percent above this year’s lowest level.
Fed decision effect
The main catalyst for Ethereum on Thursday was the latest interest rate decision by the Federal Reserve. on wednesday, as i predictedHere,The Federal Reserve decided to raise interest rates by 0.25%, bringing the key cash rate to 5%, the highest level in more than a decade.
In its opening statement, the bank said some of its executives favored stopping the hiking cycle as they assess the impact of previous increases. That part of the statement was seen as dovish. However, in his press conference, Jerome Powell warned that the bank still has more room to raise interest rates in the coming months.
Stocks and cryptocurrencies initially rose after the statement and then erased gains made earlier. Stock market futures point to a flat open for the Dow Jones and S&P 500 indexes.
At the same time, the US Dollar Index has maintained a bearish trend in the last few days. It has declined to $102 from last year’s high of $115. In most periods, Ethereum and the US Dollar have an inverse correlation. On the other hand, bitcoin found resistance at $29,000.
Looking ahead, the next major catalyst for Ethereum will be the performance of highly volatile bank stocks such as PacWest and First Republic Bank. Both banks have been highly volatile as investors focus on their outflows. In most cases, Ethereum and Bitcoin are doing better when banking concerns remain as they are seen as safe havens.
Ethereum Price Prediction
The daily chart shows that ETH price has been in a slow bullish trend over the past few weeks. It managed to climb above the key resistance level of $1,771.36, which was the highest level on February 15. It is also being supported by the 50-day and 100-day exponential moving averages (EMA).
Therefore, I am upgrading my Ethereum price estimate to $2,000, an upside of about 15% from current levels. The stop-loss of this trade should be at $1,600.
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Post Ethereum Price Prediction: ETH Forecast Raised to $2,000 first appeared coinjournal,