ETH, the native cryptocurrency that drives the smart contract-enabled decentralized Ethereum blockchain, is holding near $1,250 on Thursday after making significant gains in the first two days of the week. In fact, ETH is still up roughly 4.0% this week despite having pulled back close to 2% from Wednesday’s highs in the $1,270 region, having managed a clean upside break of both of its 21 and 50-Day Moving Averages.
Short-term price forecasts have become more bullish in the wake of the recent uptrend, which appears to have been more technically motivated in the absence of any noteworthy Ethereum-specific triggers. The US labor market indicators (so far) have been positive, but macro headwinds could pose a challenge for the bulls given that Fed members have made hawkish comments in speeches and through the release of meeting minutes.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,250.68 |
Ethereum Price Prediction
So perhaps the Fed’s tightening bets will cause ETH to revert to where it started the week, at $1,200. However, given the strong technical picture, a revisit of these levels might spark significant buying interest. ETH bulls are aiming for an eventual test of the December highs in the $1,340 range as well as a probable test of the 200DMA at $1,390 after breaking out of a medium-term downtrend earlier this week.
But whether ETH could go through these points is a different matter. Since July 2022, the cryptocurrency has been stuck inside a channel that represents a declining trend. A significant break higher may not be on the horizon in the upcoming weeks or months, according to persistent challenges to the larger crypto industry caused by a still very hawkish Fed and the deteriorating US economy.
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