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.