Ethereum price prediction: How the price will react to the results of the Fed meeting
Ethereum price prediction: How the price will react to the results of the Fed meeting
Previous U.S. Federal Reserve (Fed) meetings on June 14 and July 25, 2023, caused Ethereum (ETH) to rise 17% and 3%, respectively. Analysts see signs of a possible similar reaction from the cryptocurrency to a future Fed meeting on September 19-20, 2023.
ETH rose 17% in a week to $1,900 after June 14, 2023, when the Fed announced it would keep its benchmark interest rate unchanged at 5.25%. The Ethereum price reacted similarly to the next meeting on July 25, when the rate was raised by only 0.25%, which was far below forecasts. After that, ETH showed a slight growth of 3%.
Experts believe that the Fed will leave the rate unchanged again at the September meeting, and Ethereum's reaction will probably not be long in coming.
Over the past three trading days, the price of Ethereum has increased by 7%, and the popular cryptocurrency is currently trading at $1,629.46. Traders Union analysts publish a daily and weekly forecast and advice to monitor the dynamics of the crypto asset. Analysis of the data online suggests that this could be a harbinger of growth after the next Fed meeting. Ethereum is showing positive signs of rising above resistance at $1,650.
Network data provider Santiment reported that the Ethereum network recorded activity of more than 1 million wallets (1,089,893) sending or receiving ETH on Wednesday. Such a number could signal that prices have started to recover.
See also: XRP is preparing to overcome the $0.50 mark.
