The price of Ethereum (ETH) stayed around $1,600.
Later today, the US January nonfarm payrolls are expected to be released, which could have a big effect on the price of ETH.
The latest move by the US Federal Reserve has had a big effect on the market for cryptocurrencies. After the Fed said it would only raise interest rates by 25 basis points, the value of Bitcoin and other digital assets went up.
In line with what has been happening, the price of Ethereum has gone up a lot and is now at $1,641.
Also, traders are hesitant to make large bids because today’s non-farm payrolls (NFP) data could affect the price of bitcoin. These numbers are very important because they will affect what the Fed does next.
The strong growth in jobs is another sign that the Fed will keep its “dovish” approach in the coming meetings.
Ethereum Price Today DATE: ETC USD Today: $ 1,668.78 Ethereum Price Prediction
Ethereum costs $1,639 right now, and $9.1 billion worth of it changes hands every 24 hours. In the past 24 hours, the value of the cryptocurrency has dropped by 1.50 percent. It has a market cap of $200 billion, which puts it in second place on CoinMarketCap.
Related: ETH Price Prediction: The price of Ethereum today, February 2, 2023
On a technical level, Ethereum was unable to break through the important $1,710 resistance level. Instead, it fell quickly to around $1,635, likely because investors took profits. Ethereum was in the overbought area and has already reached $1,635, where a 50% Fibonacci retracement was completed.
For now, ETH prices could fall to $1,615, which is the 61.8% Fibonacci retracement level, if this level is not maintained.
At the moment, the RSI and MACD indicators are both at 54 and 0.90, which shows that Ethereum is no longer overbought and may soon show bullish dominance. Also, the 50-day exponential moving average shows that the price of ETH is likely to rise above $1,620.
Ethereum has resistance levels of $1,650 and $1,680 right now. If these numbers are broken, Ethereum could trade for as much as $1720.
