Ethereum Price Tilts Slightly Higher as Focus Shifts to Fed Speakers

Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.

Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.

Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.

The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap increased by 1.69% over the last day to $1.14 trillion, while the total crypto market volume soared 43.15%. The US dollar fell slightly on Monday, slipping from its 5-week high. The dollar index, which measures the greenback against six major currencies, fell to $102 on Monday, just below its five-week high of $102.75.

All eyes will be on FOMC member, Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis, later in the day. Investors will be looking for hints about what to expect from the economy and the central bank policy. Billionaire hedge fund manager, Paul Tudor Jones, said on Monday that he believes the Federal Reserve has finished raising its interest rates.

Ethereum price has experienced significant volatility in the past few days, amid a slowdown in the asset’s liquidity. ETH remains 52.64% higher in the year to date, but its prices remain volatile. The asset has been under intense pressure for the past few weeks, moving below the downward trendline highlighted in yellow.

Along the way, the Ethereum price has moved below the 50-day exponential moving average and the 50-day simple moving average. However, its Relative Strength Index (RSI) has moved slightly higher but remains below the neutral zone, while the Moving Average Convergence Divergence (MACD) indicator remains bearish.

Consequently, the Ethereum price is likely to recover slightly before falling further. If this happens, the next support levels to watch will be $1,769.05 and $1,726. On the other hand, a move past the important level of $1,900 will invalidate the bearish thesis.

ETH Price Chart

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