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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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What Ethereum’s Rejection At $1,350 Says About The Cryptocurrency

Best Owie by Best Owie
10 months ago
in Ethereum
Reading Time: 2 mins read

Ethereum saw an increase in its price on Tuesday along with the rest of the crypto market following the positive CPI data release. The jump in price saw Ethereum finally beat the $1,300 price point after hovering around $1,200 coming out of the weekend. However, the digital asset had met significant resistance at the $1,350 price level, which could end up being a bearish development for the cryptocurrency.

Related Reading: Ethereum Price Aim Big After Recent Breakout Above $1,300

Ethereum Trades Are Wary

Currently, Ethereum traders are still very on edge regarding the cryptocurrency. Even the Tuesday recovery has not done much to actually instill faith in buyers, especially given the Fed’s announcement that is expected to happen on Wednesday. Expectations remain narrow because even though inflation saw a slowdown, it still remains high at 7.1%.

Given this, traders are still being conservative in their positions and are not placing too much emphasis on ETH at this time. This is expected to continue through much of the midweek trading day until Powell’s announcement is live.

There are also expectations to follow depending on what stance the Fed takes this time around. Over the last couple of months, the Fed had been hawkish due to the rising inflation in the country. But given that inflation had actually come out lower this time around, it could see the Fed soften its stance. If not, then a continuous hawkish stance from the Fed would no doubt see a retracement in the crypto market, which could see Ethereum lose all of its gains from Tuesday.

Ethereum ETH ETHUSDT
ETH’s price trends to the downside on the daily chart. Source: ETHUSDT Tradingview

Binance FUD Affects ETH

Over the last couple of days, the Binance crypto exchange had been the target to crypto users’ ire as questions about its reserves were raised. As a result, there was massive withdrawals from the exchange, with Binance Ethereum withdrawals accounting for the majority of ETH withdrawals from centralized exchanges over the past week.

As it is now, there are still rumors that the exchange may be insolvent and some are beginning to prepare for another FTX-level event if Binance were to fall.  Naturally, this has led to caution among investors who expect a downtrend if such a thing were to happen.

Related Reading: BNB Price Prediction: Breaking This Barrier Could Spark a Significant Surge

Alternatively, the withdrawals from centralized exchanges could also point towards accumulation among ETH holders. The reduced volume on centralized exchanges could mean a bottom for the digital asset, and if the Fed announcement turns out to be positive, ETH is likely to see $1,400 before the close of day.

Tags: #ETHLDNETHethereum
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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