The largest cryptocurrency in the world, Bitcoin, has struggled to sustain its upward trend and has dropped below $24,000 in the past day, decreasing from its peak of $25,100 as a result of a dramatic market reversal. Ethereum has also experienced a steady fall over the past 24 hours, following Bitcoin’s example.

All eyes are on the Federal Open Market Committee (FOMC) meeting minutes set for release today as the cryptocurrency market remains volatile. The resolution of this situation is anticipated to have a big effect on the market, especially on the values of Bitcoin and Ethereum.

Today’s Ethereum Price

DATE	ETC	USD
Today	01	$ 1,613.77

Ethereum Price Prediction

The ETH/USD pair is currently exhibiting a bearish trend after breaking below its choppy range of $1,675 to $1,725 on the chart. The 38.2% Fibonacci retracement level of $1,630 is thought to be the area where Ethereum’s next support level will be found.

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The downtrend may deepen towards the $1,600 or $1,565 levels if the downward momentum persists and there is a bearish breach below the 38.2% Fibonacci retracement level.

A price rebound towards the $1,675 or $1,740 level is possible if the ETH/USD pair can stay above the $1,630 level.

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