Tuesday, November 28, 2023

Ethereum (ETH) Price Prediction: amid Fed Testimony, ETH faces a 17 percent upside risk

Following two successive higher sessions, the price of ETH has remained submissive today. Before launching into the swing highs of $3,057.81, it appears that the price took a breather. Investors are anticipating two major events, which are causing market uncertainty and price fluctuations.

As Federal Reserve Chairman Jerome Powell readies for his two-day testimony before Congress presently, market players will be keeping a close eye on him. Furthermore, the atmosphere of the market will be dictated by the second round of Russian-Ukraine negotiations.

ETH/USD is currently trading at $2,939.28, down 1.16 percent on the day. According to CoinMarketCap, the second-largest cryptocurrency by market capitalization has a 24-hour trading volume of $18,967,477,022, a drop of 11 percent.

The Ethereum team recently announced a reduction in gas fees as a result of the ongoing Serenity upgrade, which is essentially great news for the cryptocurrency. ETH, on the other hand, appears unconcerned about the development.

ETH is expecting a bullish trend to continue

The price of Ethereum retraced nearly 30% from its swing highs of $3,284.75 to test February lows of $2,300. If the price remains above the session’s high, the 200-day EMA (Exponential Moving Average) at $3,246 will be taken out next.

A break below Tuesday’s low, on the other hand, will trigger a new round of selling. The $2,560.78 horizontal endorse zone appears to be the instant downside aim.

Technical indicators are as follows:

The Daily Relative Strength Index (RSI) is currently at 53, which is well above the average line.

The MACD (Moving Average Convergence Divergence) is hovering below the centerline with a hawkish bias.

Well, as per the current market conditions and being aware of the fact that there are so many fluctuations, it will be hard to say where the second-largest cryptocurrency is headed in the near future.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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