Ethereum price forecast: ETH forecast raised to $ 2,000

Ethereum price forecast: ETH forecast raised to $ 2,000

ether The price moved sideways on Thursday when investors reacted to the latest interest decision by the Federal Reserve. It was traded at $ 1,760 where it was in the past few days. This price is about 52 % above the low this year.

implications of the Fed decision

The main catalyst for Ethereum on Thursday was the latest interest decision by the Federal Reserve. On Wednesday, as I predicted here , The Federal Reserve decided to increase interest rates by 0.25 %, which brought the key interest rate to 5 %, the highest level in more than a decade.

In its first explanation, the bank said that some of its officials support an interruption of the hiking cycle because they evaluate the effects of the last increases. This part of the explanation was considered reserved. In his press conference, however, Jerome Powell warned that the bank had even more scope for interest rate increases in the coming months.

stocks and cryptocurrencies initially rose after the explanation and then deleted the previously achieved profits. Stock market futures indicate a flat opening of the Dow Jones and the S&P 500 Index.

At the same time, the US dollar index has retained a declining trend in the past few days. He crashed from last year from $ 115 to $ 102. In most periods, Ethereum and the US dollar have a reverse relationship. Bitcoin, on the other hand, found resistance at $ 29,000.

With a view to the future, the next important catalyst for Ethereum will be the performance of highly volatile bank shares such as Pacwest and First Republic Bank. The two banks were very volatile because investors focused on their drains. In most cases, Ethereum and Bitcoin do better when the bank concerns remain because they are regarded as safe ports.

Ethereum price forecast

The daily type shows that the ETH course has been in a slow upward trend in the past few weeks. He managed to move over the key resistance brand at $ 1,771.36, the highest level on February 15. It is also supported by the exponentially moving 50-day and 100-day average (EMA).

I therefore increase my Ethereum price estimate to $ 2,000, which is about 15 % above the current level. The stop loss of this trades is $ 1,600.

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			23. März 2023		
		
Sophie Müller
	
		

		

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