ETH Struggles in Short-Term as FOMC Announcement Looms

1. Ethereum (ETH) recently dropped below its $1,600 mark after Bitcoin (BTC) lost the $23k zone.
2. ETH is currently stuck in the $1,540 – $1,560 range and could fluctuate in this range for the short-term.
3. A move to the $1,700 zone could be possible if BTC moves beyond $23K, especially if the FOMC announcement next week triggers the markets positively.

The cryptocurrency market is always in flux, and Ethereum (ETH) is no exception. Recently, ETH dropped below its $1,600 mark after Bitcoin (BTC) lost the $23k zone. This drop occurred on 24 January, with BTC sharply declining to below $22.5k, pulling down ETH to $1,518. As of press time, ETH is struggling to break above the $1,560 mark, while BTC is hovering below the $22,800 level.

The short-term outlook for ETH is not looking too positive, as BTC’s loss of traction and velocity could force ETH into a short-term range before bulls attempt to target the green zone. On the 12-hour chart, ETH’s Relative Strength Index (RSI) and On-Balance Volume (OBV) are both declining, showing that the altcoin is in a mild bullish momentum and close to a neutral market structure. This could mean that ETH could fluctuate in the $1,540 – $1,560 range in the short term before attempting a retest of the $1,600 zone in the next couple of days/weeks.

However, there is a potential for ETH to move to the $1,700 zone if BTC moves beyond $23K. This could happen if the markets are positively triggered by the FOMC announcement next week. But overall, ETH’s weak fundamentals could delay any immediate price reversal and short-term Ethereum holders‘ profits could be cut to size. Therefore, investors should be watchful of the market movements and tread carefully when making any decisions.

Dieser Eintrag wurde in Allgemein veröffentlicht.