What Ethereum’s Rejection At $1,350 Says About The Crypto

News BTC

Ethereum saw an increase in its price on Tuesday along with the rest of the crypto market following the positive CPI data release. The jump in price saw Ethereum finally beat the $1,300 price point after hovering around $1,200 coming out of the weekend. However, the digital asset had met significant resistance at the $1,350 price level, which could end up being a bearish development for the cryptocurrency.

Ethereum Trades Are Wary

Currently, Ethereum traders are still very on edge regarding the cryptocurrency. Even the Tuesday recovery has not done much to actually instill faith in buyers, especially given the Fed’s announcement that is expected to happen on Wednesday. Expectations remain narrow because even though inflation saw a slowdown, it still remains high at 7.1%.

How To Get Free Crypto  

Given this, traders are still being conservative in their positions and are not placing too much emphasis on ETH at this time. This is expected to continue through much of the midweek trading day until Powell’s announcement is live.

Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

There are also expectations to follow depending on what stance the Fed takes this time around. Over the last couple of months, the Fed had been hawkish due to the rising inflation in the country. But given that inflation had actually come out lower this time around, it could see the Fed soften its stance. If not, then a continuous hawkish stance from the Fed would no doubt see a retracement in the crypto market, which could see Ethereum lose all of its gains from Tuesday.

ETH’s price trends to the downside on the daily chart. Source: ETHUSDT Tradingview

Binance FUD Affects ETH

Over the last couple of days, the Binance crypto exchange had been the target to crypto users’ ire as questions about its reserves were raised. As a result, there was massive withdrawals from the exchange, with Binance Ethereum withdrawals accounting for the majority of ETH withdrawals from centralized exchanges over the past week.

As it is now, there are still rumors that the exchange may be insolvent and some are beginning to prepare for another FTX-level event if Binance were to fall.  Naturally, this has led to caution among investors who expect a downtrend if such a thing were to happen.

Coinbase Banner  
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Alternatively, the withdrawals from centralized exchanges could also point towards accumulation among ETH holders. The reduced volume on centralized exchanges could mean a bottom for the digital asset, and if the Fed announcement turns out to be positive, ETH is likely to see $1,400 before the close of day.

Go to Source
Author: Best Owie


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.