Ethereum Price Prediction: ETH Plummets 5% As FOMC Rate Decision Nears, And This GambleFI ICO Closes On $2 Million
The Ethereum price slumped 5% in the last 24 hours to trade at $2,294 as of 03:44 a.m. EST on trading volume that skyrocketed 93% to $14.2 billion.
The crypto market also slumped as Asian exchanges opened for trading ahead of a key week where traders expect the Federal Reserve to make its first interest rate cut in over four years.
According to bets on Polymarket, bettors are giving it a 52% chance of a 50 basis points cut and a 47% chance of a 25% point cut, while only a 2% chance of no change.
Ethereum Price Could Rebound
The Ethereum price soared from September 7 to September 15, from the $2,214 support to the $2,435 resistance, within a rising channel pattern, according to data from GeckoTerminal .
However, the bears have invalidated the bullish stance to drop below the lower boundary of the rising channel pattern.
The drop pushed the price of Ethereum below the 50-day Simple Moving Average (SMA), with the 200-day SMA still remaining a resistance that the bulls need to overcome for the price to soar even higher.
The Ethereum price now seems to be rebounding from the $2,266 support zone, which could prompt a prolonged rally in the coming days.
This reversal is confirmed by the Relative Strength Index (RSI) trying to recover from the 30-oversold region, currently at 35.
If the bulls successfully stage a bullish trend reversal, the Ethereum price could soar as they target prices above the 200-day SMA at $2,509.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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