🔥 Ethereum Trading At Resistance Ahead Of FOMC Meeting
A couple of days ago I made an analysis on ETH and the fact that it was selling off after the merge. Since then, ETH has regained a little strength and is currently trading alongside the support (now resistance) from the previous analysis.
In my view, tonight's FOMC meeting will determine where the market will go. The 0.75% hike will most likely surprise no one, but the speech after will.
I think that the initial reaction will be bullish, but change an hour later due to Powell sharing his hawkish view on the markets. This can and will likely trigger ETH's next leg down. Be patient for the market's reaction during Powell's speech.
I'm looking at the yellow demand area for a potential bounce.
In my view, tonight's FOMC meeting will determine where the market will go. The 0.75% hike will most likely surprise no one, but the speech after will.
I think that the initial reaction will be bullish, but change an hour later due to Powell sharing his hawkish view on the markets. This can and will likely trigger ETH's next leg down. Be patient for the market's reaction during Powell's speech.
I'm looking at the yellow demand area for a potential bounce.
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