Bitcoin, the world’s largest cryptocurrency, experienced a sharp reversal in market momentum over the last 24 hours, falling from a recent high of $25,100 to around $24,000. During this time, Ethereum has also been steadily falling, mirroring Bitcoin’s downward trend.
ETH Price Prediction
However, the upcoming release of US preliminary GDP statistics and PCE figures, which are expected to increase market volatility, is primarily to blame for the bitcoin market’s decline.
Today’s Ethereum Price
The impending release of the Federal Reserve’s February meeting minutes is another factor causing investors to hesitate and contributing to Bitcoin’s recent losses. The central bank is expected to take a hawkish stance in the minutes, which would limit cryptocurrency advances.
Ethereum Price Prediction
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,653.10 |
Surprisingly, the previously reported higher-than-expected US PMI has given the Fed more wiggle room in raising interest rates because of the economy.
The current price of Ethereum is $1,665, with a 24-hour trading volume of $9 billion. Over the last day, the price of Ethereum has risen by more than 1.25%. With a live market value of $203 billion, Ethereum is the second-ranked cryptocurrency on CoinMarketCap.
The 50-day exponential moving average (EMA) is supporting the ETH/USD pair’s immediate resistance level of $1,780. A close below this level may signal the beginning of a downward trend in ETH prices.
