Home Analysis Ethereum Price Prediction: ETH forecast raised to $2,000

Ethereum Price Prediction: ETH forecast raised to $2,000

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ethereum Prices moved sideways on Thursday as investors reacted to the latest interest rate decision by the Federal Reserve. It was trading at $1,760, the same as the past few days. The price is about 52% above the lowest point of the year.

Impact on Federal Agency Decisions

The main catalyst for Ethereum on Thursday was the latest interest rate decision by the Federal Reserve.Wednesday, as expectedhere,The Federal Reserve has decided to raise interest rates by 0.25%, raising the main cash rate to 5%. This is his highest standard in over ten years.

In an initial statement, the bank said some officials favored a moratorium on the rate hike cycle to assess the impact of recent rate hikes. That part of the statement was deemed dovish. But Jerome Powell warned at his press conference that banks still have room to raise interest rates in the coming months.

Stocks and cryptocurrencies were the first to rise after the statement, then erased earlier gains. Stock market futures show flat starts for the Dow Jones and S&P 500 indices.

At the same time, the US dollar index has maintained a bearish trend for the past few days. It plummeted from last year’s high of $115 to $102. For most of the time, Ethereum and the US dollar have an inverse relationship. Meanwhile, Bitcoin has found resistance at $29,000.

Looking ahead, the next important catalyst for Ethereum will be the performance of highly volatile banking stocks like PacWest and First Republic Bank. Both banks are highly volatile as investors focus on outflows. For the most part, Ethereum and Bitcoin have performed well where bank concerns remain, as they are seen as safe havens.

ethereum price prediction

The daily chart shows a slow bullish trend in ETH price over the past few weeks. It managed to break above the key resistance level of $1,771.36, the February 15th high. It is also supported by 50-day and 100-day exponential moving averages (EMAs).

Therefore, we raise our price quote for Ethereum to $2,000, which is about 15% higher than the current level. The stop loss for this trade is $1,600.

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Post Ethereum Price Prediction: ETH Prediction Raised to $2,000 First Appeared on CoinJournal.

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