ETH trade volumes are still robust, with $8.3 billion worth of tokens changing hands in the past day as the cryptocurrency retreats from Wednesday’s highs in the $1,350 range before the aggressive Fed meeting.

With ETH/USD currently trading in the $1,280 range, it has already fallen 3.2% in the past day and 5.0% from recent highs, according to CoinMarketCap. As a result, price projections have grown increasingly negative.

The native money that drives the Ethereum blockchain’s support for smart contracts is called ETH, also known as Ether. It doesn’t appear that the recent news that PayPal and MetaMask have joined together to make it easier for its users to buy ETH, perhaps increasing demand and adoption, has had a substantial impact on the price.

The second-largest cryptocurrency in the world by market capitalization is now back to where it was in December, but it is still nearly 20% higher than its early November lows under $1,100.

Today’s Ethereum Price

Ethereum Price Prediction

With its most recent decline, ETH has failed to maintain its position above both its 50-Day Moving Average and the 38.2% Fibonacci retracement level back from the November lows to the November highs, which is terrible news for the short-term momentum of the cryptocurrency.

While bears are anticipating a short-term retest of the 21DMA in the $1,250s, Ethereum’s medium-term uptrend from the November lows is still intact for the time being. The uptrend that began in November may have broken if this level is broken, which would weaken the outlook for ETH and cause a decline toward $1,200.

The recent price movement, or the bounce that was sold off recently, is very much in line with Ether’s longer-term downtrend that has been in effect since the summer.

The downward trend predicts a move towards $1,000 in the upcoming months, and any increases may be limited to the $1,500 region.

The much-anticipated “Santa surge” is unlikely to happen this year due to the lack of a dovish Fed shift, which many in the market had been anticipating for after Tuesday’s weaker-than-expected US CPI data.

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