When the Federal Reserve's slightest movements meet the sideways fluctuations of ETH, it is either the calm before the storm or the last warning before a trend reversal!
Technical Analysis: ETH is hovering at a critical position
ETH is currently fluctuating around $3880, with the 1-hour candlestick chart showing:
$3950 is the resistance level, a breakout is needed to open up the upward space.
$3880 is the short-term support, and a drop below may quickly test the $3850-$3820 range. Trading volume is sluggish, and the market is filled with a wait-and-see sentiment, as everyone is waiting for the Federal Reserve's next move.
Big Sage's personal opinion:
ETH's recent trend feels like 'walking a tightrope at a high altitude', caught between a rock and a hard place. If the Federal Reserve sends hawkish signals, it may trigger a short-term correction, but in the long run, the ETH 2.0 upgrade and ETF expectations remain supportive. If it drops back to $3850, it could be a light long position trial,
if it spikes at $3950, it could be a light short position trial.
News: Personnel changes at the Federal Reserve become the focus
Recent news indicates that Trump plans to nominate hawkish economist Milan to the Federal Reserve. If true, the market may expect an extended interest rate hike cycle, which would be a short-term negative for ETH and other risk assets.
Is $ETH continuing sideways or is a trend reversal coming? Follow me for timely market signal interpretations, helping you avoid traps and seize opportunities!
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