Ethereum (ETH) price remains submissive in today’s session after two consecutive higher sessions. It appears that the price took a short breather before leaping towards the swing highs of $3,057.81. Market uncertainty and volatility dominate crypto markets as investors await two key events.
The price of Ethereum (ETH) will remain sharp on Wednesday. ETH is expected to rise 17% as investors go bargain hunting. A close below $2,800 invalidates the bullish case.
Market participants will be closely watching Federal Reserve Chairman Jerome Powell as he prepares for his two-day congressional testimony today. Second, the second round of negotiations between Russia and Ukraine will set the mood in the market.
At the time of writing, ETH/USD is trading at $2,939.28, down 1.16% for the day. According to CoinMarketCap, the second largest cryptocurrency by market capitalization keeps its 24-hour trading volume at $18,967,477,022 with a loss of 11%.
In the latest update, the Ethereum team announced a cut in gas costs due to the ongoing Serenity upgrade, pretty much good news for the blockchain. But ETH remains largely unaffected by the development.
ETH Looks For Bullish Continuation
Source: Trade View
On the daily chart, Ethereum (ETH) price reached close to 30% of the swing highs of $3,284.75 and tested the February lows at $2,300. Investors respected the demand zone which extends from USD 2,159 to USD 2,300 as purchases move near the mentioned levels.
If the price now remains above the session high, it would hit the critical 200-day EMA (exponential moving average) at $3,246.
In addition, an acceptance above the mentioned moving average would aim for the January 12 highs of $3,420.08.
On the downside, a breach below Tuesday’s low will trigger another round of asset sales. The immediate downside target can be found around the USD 2,560.78 horizontal support zone.
RSI: The Daily Relative Strength Index (RSI) stands at 53 above the average line.
MACD: The Moving Average Convergence Divergence (MACD) is hovering below the midline, but with a bullish bias.
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This post Ethereum (ETH) Price Prediction: ETH Faces 17% Upside Risk Amid Fed Testimony
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