Ethereum Price Prediction as $7 Billion Trading Volume Rushes In – Are Whales Buying ETH?
The world’s second-largest cryptocurrency, Ethereum barely holds above water amid a delicate situation in the market. Investors are patiently waiting for every word of the speech by the Federal Reserve chair, Jerome Powell.
Some experts believe the expected 0.25% hike in interest rates has been factored in with Ethereum price and other cryptocurrencies likely to remain unchanged.
For the moment, Ethereum price teeters at $1,575 while bulls focus on dealing with resistance at $1,600. On the downside, support at $1,520 must be defended at all costs to avert possible declines to $1,445 and $1,400, respectively.
Over $7 billion in trading volume has been recorded in the 24 hours leading to this analysis, although ETH price has only changed by +0.15%. The sell-off in the market since the weekend has resulted in a drop in the token’s market cap from $202 billion on January 29 to $192 billion.
The largest smart contracts token remains relatively stable despite the drop from January’s high, roughly at $1,678. Investors have retreated to the sidelines, awaiting the Fed decision on a likely interest rate hike of 25 basis points. The first US FOMC meeting concluding later today would either keep New Year’s crypto upswings steady, stifle recovery, or culminate in a short-term selloff.
According to an analysis carried out by Lookonchain on how ETH reacted after eight FOMC meetings in 2022, investors can expect Ethereum price to jump by up to 4.25% with 0.25% being the lowest expected change.
Ethereum price sits comfortably above critical support provided by the 200-day Exponential Moving Average (EMA) (in purple) at $1,517. However, the Moving Average Convergence Divergence (MACD) indicator has recently flaunted a sell signal, hinting at a
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