Uncertainty about the next US Federal Reserve rate hike is keeping Etheruem and other altcoins as well as BTC under pressure. This could change if the expected increase of 0.75% bps is selected. The bears have been defending the 20-week EMA that is $1,732 for the past few weeks. This suggests that Ether sentiment remains bearish and traders are selling on rallies. The asset price has risen by almost 5% while the volume has fallen by 14.6% in the last 24 hours. ETH dominance at present is about 17.75%.
At the time of writing, ETH was trading at $1,365.5.
ETH after making a ‘Bullish Engulfing’ pattern at $1,422 on 29th Aug rallied up to $1,789. Post this move, the prices faced stiff resistance at $1,750 (23.6% Fibonacci Retracement Level) and witnessed a sharp correction. The asset fell almost by 17.2% making the weekly low $1,281.1. ETH has taken support and has reversed from the key level of $1,275. If the prices hold and sustains above this support then we can expect the bulls to resume the up-move whereas a break and close below the support will lead to further downfall.
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