Ethereum Plummeting Before FOMC The breakout demonstrated that the previous rising triangle was invalid, and Ethereum’s value dipped from the consolidation area. The Federal Open Market Committee (FOMC) meeting is on Wednesday. The markets have mounted wide speculation about this meeting, and the results will either affirm or deny the expected interest rate increase or decrease.
The price of Ethereum was $3,549 during European business hours on Tuesday. According to Btccraze data, this represents a decline of 3.7% in the last 24 hours and a further drop of 5.9% in the past week.
Bears Take Control of ETH/USD, Watch These Support Levels
Earlier, the price of ETH jarred back and forth in a consolidation zone, which was a part of the larger market design of the bull flag. Considering that bull flags are inherently bullish, the market expected the pattern to be resolved to the upside. The chart below shows the “Ethereum price before the crash exchange rate.” The suffered by Ethereum since the early morning of June 11 may simply be illustrative, as other market participants…
The Ethereum price broke above the range, and consequently, the bull flag presented on the 4-H chart went invalid. The graphic is the 4-hour chart, and the right-hand side is the daily chart. “ETH appears on the daily chart. None of the other prices exceed their 50-day and 200-day simple moving averages. However, although the price action is still witnessed above these SMAs, it is a thin line. Therefore, its presence is rather opaque.”
Should the bearish trend continue and bears are to be in control, the price of ETH may plummet until it finds support at the 50-day simple moving average, which is the 0.5 Fibonacci retracement level, as well. Thereby, the price of ETH will be around $3,400. However, some essential support bands are below between $3,200 and $2,900.
On the flip side, the situation will be quite different if the bulls can outshine the bears. The ETH price can edge higher and test the range’s bottom at $3,650. If ETH comes back to the range and trades horizontally between $3,700 and $3,950 before eventually breaking out and reaching above $4,200, then it will increase. This should be the case if the market continues to be beneficial. At present, the most complex level for the current price trajectory of Ethereum Crashing Before FOMC is $3,650.
Ethereum Price Falling
The day before the Federal Open Market Committee meeting, the price of Ethereum fell. This decline was caused by Bitcoin’s devaluation at the same time. The cryptocurrency community implies that the latest bubble of traders has surfaced as a result of the Ethereum Crashing Before the FOMC meeting.
The Federal Open Market Committee (FOMC) is forecasted to keep interest rates at a high level. Based on the analysis of these rates by Ethereum Crashing Before, FOMC has been the highest in 23 years. The meeting is on the forthcoming. Furthermore, they expect. There will be three go reductions or even fewer of them before the year 2024 is over. Meanwhile, Ethereum’s fundamentals are still solid. The mainnet is the one that dominated fee over Layer 2s, charging twenty times more than the whole combined L2 space.
Bottom Line
The Federal Open Market Committee (FOMC) is forecasted to keep interest rates at a high level. Based on the analysis of these rates by Bankrate, the FOMC has been the highest in 23 years. The meeting is on the forthcoming. Furthermore, they expect. There will be three reductions or fewer of them before the year 2024 is over. Meanwhile, Ethereum’s fundamentals are still solid. The mainnet is the one that dominated fee over Layer 2s, charging twenty times more than the whole combined L2 space.
FAQs
What is the significance of the FOMC meeting for Ethereum?
The FOMC meeting is expected to determine whether interest rates will increase or decrease, with market speculation influencing Ethereum's price movements.
What happens if Ethereum's bearish trend continues?
If the bearish trend persists, Ethereum's price could drop further, potentially finding support between $3,200 and $2,900.
Can Ethereum's price recover if bulls take control?
If bullish momentum takes over, Ethereum could rise, potentially testing levels around $3,650 and reaching $4,200 if the market remains favorable.
How are Ethereum’s fundamentals holding up amid the price drop?
Despite the price drop, Ethereum's fundamentals remain strong, with its mainnet continuing to dominate transaction fees over Layer 2 solutions.
