The largest cryptocurrency in the world, Bitcoin, saw a strong reversal in market momentum during the past 24 hours, going from a recent high of $25,100 to around $24,000. Ethereum has also witnessed a steady fall during this time, mirroring the downward trend of Bitcoin.

However, the imminent release of US preliminary GDP statistics and PCE figures, which are anticipated to heighten market volatility, is mostly to blame for the decrease in the bitcoin market.

One further issue driving investors to hesitate and adding to the recent losses in Bitcoin is the impending release of the Federal Reserve’s February meeting minutes. The central bank is anticipated to adopt a hawkish position in the minutes, which would restrict the advances of the cryptocurrency.

Interestingly, the previously reported higher-than-expected US PMI has provided the Fed additional space to hike interest rates due to the economy.

Today’s Ethereum Price

DATE	ETC	USD
Today	01	$ 1,653.10

Ethereum Price Prediction

Ethereum’s live price right now is $1,665, with a $9 billion 24-hour trading volume. The price of Ethereum has risen by more than 1.25% over the past day. Ethereum is the second-ranked cryptocurrency on CoinMarketCap, with a live market value of $203 billion.

Technically, the $1,780 immediate resistance level being encountered by the ETH/USD pair is being supported by the 50-day EMA. A closure below this threshold might start a downward trend in ETH prices.

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The ETH/USD pair’s present downward momentum might possibly intensify, pushing the decline below the $1,600 or $1,565 support levels if there is a bearish breakthrough below the 38.2% Fibonacci retracement level.

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