Bitcoin and Ethereum have gained over 6% in value ahead of the announcement of Manufacturing and Services PMI numbers. Both cryptocurrencies have seen price growth as investors wait for the outcomes of key economic indices.
The largest cryptocurrency in the world, Bitcoin, has managed to halt its downtrend and attracted some new bids above $28,000, recording a gain of 2.63% over the last day. Ethereum has also recovered the $1,800 level.
Dogecoin, Ripple, Solana, and Litecoin are some other well-known altcoins that have seen large rises today.
Although the Federal Reserve increased interest rates yesterday, which tends to make investing in Bitcoin less alluring, the BTC lost some of its gains from the previous day.
This is due to the possibility that rising interest rates may make the dollar seem more desirable to consumers, leading them to dump Bitcoin and other cryptocurrencies in favor of the US currency.
It’s interesting to note that the declines in BTC prices were momentary and transient because rising interest in digital asset futures and options led to a rise in the value of cryptocurrencies.
TODAY’S ETHEREUM PRICE
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,758.17 |
ETHEREUM PRICE PREDICTION
Ethereum currently trades for $1,812 and has a $11 billion 24-hour trading volume. Ethereum has increased by 3.60% over the last day.
Ethereum is now having trouble breaking through the $1,800 resistance level and has been trading solidly close to the $1,700 support area.
Resistance is expected to be found at the $1,900 level if the ETH/USD pair successfully crosses the $1,800 level.
Support levels are expected to be found by the ETH/USD pair at $1,700 or $1,620.
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