Ether has been trading in a range since the pre-FOMC rally to $1,350 was wiped out after Federal Reserve Chair Jerome Powell issued hawkish statements in response to a 0.50% interest rate hike. The Ether sell-off comes on the heels of a market-wide decline that has seen Ethereum network fees fall by 39.90% in the last 30 days. Defi’s total value locked in Ethereum-based smart contracts has also reduced by 4.49% in 24 hours. Following the FTX exchange scandal, regulators are attempting to expedite new crypto regulations. The price of the asset is up by only 2.12% while the global volume has risen by around 64% in the last 24 hours.
At the time of writing, Eth was trading at $1,210.
ETH after taking the support at $1,075 started moving up slowly and surged almost by 25% and made the high of $1,352 but with low volumes. The bulls failed to push the prices above the key resistance of $1,400 and the asset witnessed profit booking and dropped to $1,260. ETH has strong support at $1,250 and $1,000. To further rally it needs to break, close and sustain above $1,400. On a broader time scale, ETH is still trading sideways with thin volumes. RSI at 46 indicates a neutral stance for the asset.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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