The two biggest cryptocurrencies in the world, Bitcoin (BTC) and Ethereum (ETH), are still trading above $24,000 and $1,600, respectively. But this morning, they saw a little decrease, with Bitcoin dropping from $25,000 to $24,000.
Investors are closely monitoring the Federal Open Market Committee (FOMC) meeting minutes that will be made public this week as the cryptocurrency market continues to fluctuate.
It’s possible that the current decline in cryptocurrency prices is related to the upbeat economic statistics coming out of the US. This has made it more likely than before that the Federal Reserve will stick to its goal of tightening monetary policy.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,699.19 |
Ethereum Price Prediction
The ETH/USD pair has gained positive momentum after reaching support near $1,650. Ethereum has established a symmetrical triangle formation on the 2-hour time frame, which shows market uncertainty and has held the price of ETH within a choppy range.
Ethereum may hit the $1,720 level if it sees a positive bounce-off over the $1,650 level. More positive price action may also be fueled by a bullish breakout above the $1,720 mark and the symmetrical triangle formation. The price ranges of $1,760 and $1,800 are expected to serve as resistance levels in either case.
Ethereum’s support levels on the downside are around $1,650 or $1,625. Similar to the price analysis of Bitcoin, the RSI and MACD are showing divergence.
This suggests that investors may be waiting for a major news story to break before predicting future market patterns, such as the release of the FOMC meeting minutes.
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