Ether has been fluctuating near the 20-day EMA ($1,255) for the past few days. This indicates indecisiveness between bulls and bears. Flat moving averages and RSI near the middle do not give a clear advantage to either the bulls or bears. The ETH/USDT pair can trade longer between $1,218 and $1,309. Crypto and stock markets could see a sharp spike in volatility due to this week’s CPI release, rising interest rates, and a conference call by Federal Reserve Chair Jerome Powell. The price of the asset has risen by a marginal percentage of 1.94, while the volume swelled by more than 10%.
At the time of writing, ETH was trading at $1,268.
ETH continues to trade sideways in a narrow range from $1,230 to $1,295 with low volumes over the past two weeks. The asset is resisting at its 50-Day Moving Average of around $1,300. On a broader time frame, ETH has strong resistance at $1,400, once it breaks and closes above the level then we can expect a rally up to $1,750. Whereas $1,050-$1,000 will act as strong support and a break below this will lead to further downfall. Flat Moving Averages and an RSI at 50 indicate a neutral stance for the asset.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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