The price of Ethereum (ETH) managed to hold steady at about $1,600.
The US January Nonfarm Payrolls are anticipated to be announced later today, and this might have a significant effect on the price of ETH.
The latest US Federal Reserve policy has had a big impact on the cryptocurrency market. Bitcoin and other digital assets saw a surge in value after the Fed said it would limit interest rate hikes to 25 basis points.
Following the trend, the price of Ethereum has significantly increased and is now at $1,641.
Additionally, traders are wary to place any large bids because today’s Non-Farm Payrolls (NFP) data is expected to have an impact on the price of bitcoin. These numbers are essential because they will influence how the Fed will proceed in the future.
Further evidence that the Fed will continue its dovish approach in the future sessions comes from the robust employment growth.
Today’s Ethereum Price
Ethereum Price Prediction
The price of Ethereum is currently $1,639, and its 24-hour volume is $9.1 billion. The value of the cryptocurrency has dropped by 1.50% over the past 24 hours. It is now ranked second on CoinMarketCap with a market cap of $200 billion.
On a technical level, Ethereum struggled to surpass the significant $1,710 resistance level and plunged abruptly to trade at roughly $1,635, most likely as a result of investors taking profits. Ethereum was in the overbought area and has already reached the $1,635 mark, when a 50% Fibonacci retracement was completed.
For the time being, if this level is not maintained, ETH prices could fall to $1,615, which is the 61.8% Fibonacci retracement level.
The RSI and MACD indicators are both at 54 and 0.90 at the moment, respectively, indicating that Ethereum is no longer in an overbought condition and may soon exhibit bullish domination. Additionally, the 50-day EMA is suggesting a probable increase in the price of ETH above the $1,620 level.
The current resistance levels for Ethereum are $1,650 and $1,680. If these numbers are exceeded, Ethereum may trade for as much as $1720.
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