ETH Price Prediction: Today’s Ehereum Price, 7th Jan 2023

ETH, the native cryptocurrency that drives the smart contract-enabled decentralized Ethereum blockchain, is holding near $1,250 on Thursday after making significant gains in the first two days of the week. In fact, ETH is still up roughly 4.0% this week despite having pulled back close to 2% from Wednesday’s highs in the $1,270 region, having managed a clean upside break of both of its 21 and 50-Day Moving Averages.

Short-term price forecasts have become more bullish in the wake of the recent uptrend, which appears to have been more technically motivated in the absence of any noteworthy Ethereum-specific triggers. The US labor market indicators (so far) have been positive, but macro headwinds could pose a challenge for the bulls given that Fed members have made hawkish comments in speeches and through the release of meeting minutes.

Today’s Ethereum Price

Ethereum Price Prediction

So perhaps the Fed’s tightening bets will cause ETH to revert to where it started the week, at $1,200. However, given the strong technical picture, a revisit of these levels might spark significant buying interest. ETH bulls are aiming for an eventual test of the December highs in the $1,340 range as well as a probable test of the 200DMA at $1,390 after breaking out of a medium-term downtrend earlier this week.

But whether ETH could go through these points is a different matter. Since July 2022, the cryptocurrency has been stuck inside a channel that represents a declining trend. A significant break higher may not be on the horizon in the upcoming weeks or months, according to persistent challenges to the larger crypto industry caused by a still very hawkish Fed and the deteriorating US economy.

Also Read

Lunc Price Prediction: Today’s Lunc Price, 7th Jan 2023

The price of Terra Luna Classic has decreased by 1.5% during the last day,...