Bitcoin and Ethereum continued to under pressure because they were unable to stop their downward trend. As a result of investors choosing safer investment options in the face of escalating macroeconomic uncertainty, BTC is currently trading around the $23,500 mark.
Nevertheless, a string of strong US data that showed a growing US economy and decreased the need for government support in the form of low interest rates led to a dramatic dip in the value of Bitcoin.
Investors and traders became concerned about the possibility of interest rate increases and inflation as a result.
The price of Bitcoin is currently declining, with a potential decline to $22,800 as a result of its inability to overcome the crucial $23,750 resistance level. Ethereum’s value has dropped by 0.99% over the past 24 hours as well.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,629.58 |
Ethereum Price Prediction
Ethereum currently has a price of $1,628 and a $6.9 billion 24-hour trading volume. The cost has dropped by 0.50% over the previous 24 hours. Ethereum is ranked second by CoinMarketCap, having a $199.2 billion market value as of right now.
Technically, the ETH/USD pair is currently running into a short-term hurdle at the $1,665 level; clearing this block may signal additional higher action towards the $1,725 level. The likelihood of a protracted upswing is likely to be high, according to the RSI and MACD indicators, which have entered the purchasing zone.
The $1,577 level serves as Ethereum’s immediate support on the downside. The ETH price may be driven towards the $1,500 level if this level is broken.
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