Ethereum Price is Struggling Below $1.9K: Time to Sell?

Ethereum price has been successful a steep downtrend for the past fewer days up of the Fed’s two-day monetary argumentation meeting. The plus has been struggling beneath the important level of $1,900 implicit the past fewer days amid a diminution successful marketplace sentiment. At property time, Ethereum was trading somewhat little astatine $1,855.

Economic Headwinds

Ethereum terms has been nether aggravated unit for the past fewer days arsenic the Fed’s two-day argumentation gathering sparks marketplace jitters. The planetary crypto market cap has crashed implicit the past fewer days to $1.17 trillion, portion the full crypto marketplace measurement decreased. Bitcoin, the largest cryptocurrency by marketplace cap, has dropped beneath the captious $30,000 level, buoyed by the anemic crypto marketplace sentiment.

A look astatine the Crypto Fear and Greed Index shows that the assurance among investors astir the crypto assemblage has continued to dwindle. The Index has declined from a Greed level of 63 past week to a neutral level of 52, indicating that astir investors are successful conservation mode.

The US Treasury yields climbed higher connected Tuesday arsenic the Federal Reserve is owed to footwear disconnected its meeting. The gathering is expected to extremity connected Wednesday erstwhile the cardinal slope is expected to denote its involvement complaint decision. Markets are pricing successful a 98.9% accidental of the Fed implementing a 25 ground points involvement complaint hike aft its meeting.

Investors volition besides beryllium watching the guidance by the cardinal slope and comments by the Fed chair, Jerome Powell, hunting for clues astir the Fed’s monetary argumentation path. Additionally, the European Central Bank (ECB), arsenic good arsenic the Bank of Japan, is expected to conscionable aboriginal this week, erstwhile the policymakers are expected to denote their involvement complaint decisions.

Notably, investors volition besides beryllium connected the lookout for respective cardinal information points, including the Fed’s favourite ostentation gauge, the idiosyncratic depletion expenditures (PCE) scale connected Friday. The CB Consumer Confidence Index information for July is besides slated to beryllium published aboriginal today.

Ethereum Price Analysis

The regular illustration shows that the Ethereum terms has been connected a steep diminution for the past fewer days aft facing a beardown rejection astatine the important level of $2,000. During this period, ETH has managed to driblet beneath and stay supra the 50-day and 200-day exponential moving averages.

Its Relative Strength Index (RSI) has moved beneath the neutral line, with the Moving Average Convergence Divergence (MACD) indicator pointing to a merchantability signal. The Bollinger Bands person narrowed arsenic indicated connected the chart, showing a diminution successful volatility.

As such, the Ethereum terms is apt to propulsion backmost further successful the contiguous word arsenic concerns astir a hawkish Fed proceed to measurement connected prices. If this happens, the adjacent enactment levels to ticker volition beryllium $1,845 and $1,775. On the different hand, a determination past the bullish enactment level astatine $1,920 mightiness propulsion the terms higher to $2,000, invalidating the bearish thesis.