• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

    2023-03-30

    Binance’s CZ refutes report claiming company has been hiding China ties

    2023-03-30

    $852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

    2023-03-30

    Elizabeth Warren says she’s building an anti-crypto army in new campaign

    2023-03-30

    SEC Chair Gary Gensler To Face Congress Over Strategy on Digital Assets

    2023-03-30
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»Altcoins»Ethereum Spurts 13% In The Past Week, Investors Hopeful Of Market Bottom
Altcoins

Ethereum Spurts 13% In The Past Week, Investors Hopeful Of Market Bottom

2023-01-13No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

At its current price of $1,408, investors and traders are hopeful that the market bottom is finally here for Ethereum.

Analysts are observing that Ethereum is at its key resistance level, poised for a breakout as the Consumer Price Index (CPI) data was released Thursday.

This rally by Ether – which is up 13% in the last seven days, based on data by Coingecko – has been fueled by a renewed investor sentiment. However, these huge gains are still threatened by macroeconomic forces. 

The Consumer Price Index reported by the U.S. Labor Department on Thursday showed an annual increase in consumer prices of 6.5%, down from 7.1% in November and the 40-year high of 9.1% in June.

Is The Market Bottom Here For Ethereum? 

Most analysts agree that the market bottom for Ethereum may just be around the corner. But the community is divided on where the price of ETH would go. Some don’t buy the idea that this rally is the start of the crypto market recovery. 

Twitter user EMoneyMoves sums up the pessimists’ side in his own viewpoint. His most recent thread details his reasons why he doesn’t believe this is the end of the bear market. The gist of it is that this market movement is currently mirroring the 2018 crash of Ether. 

This itself is not evidence that the market bottom is in. External market forces, according to analysts, will mold the market bottom. 

“Do not ape now. This might be a bear market rally to mirror the early $ETH bear market rally of 2018. The economy looks like s*it. Record consumer debt. Sky high inflation. Rising interest rates. War in Ukraine choking oil supply. Mass layoffs in major industries starting,” eMoneyMoves said in part of his thread. 

Indeed, the macroeconomic situation is not looking so rosy. With the World Bank saying that we’re on the brink of a recession, the CPI data means a great deal for investors in the short- and mid-term.

On ETH Resistance & Fed Monetary Policies

With economies in a bigger slump, this rally might only be a slight relief that precedes more pain. As of writing, the S&P 500 is up 4% in the weekly, nearly gaining as much as Ethereum in the same timeframe. This correlation between the two could set the crypto and stock market tumbling if the CPI data showed a worsening or stagnating situation. 

As of writing, Ethereum is being rejected at $1,418 which might indicate that the bulls have lost or are yet to lose momentum. This rejection can be further amplified if macros don’t support the sentiment or price action. 

ETH total market cap at $172 billion on the daily chart | Chart: TradingView.com

As the market waits for a glimpse of the U.S. Federal Reserve’s future policies, investors and traders should hold off any major decisions and just monitor the situation. 

-Featured image by The Block



Source link

Bottom Ethereum hopeful investors market Spurts week
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

$852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

2023-03-30

CFTC Says Bitcoin, Ethereum and Litecoin Are Commodities in Lawsuit Against Binance and CEO Changpeng Zhao

2023-03-29

Bitcoin and Ethereum Investors Are Not Flinching, US Pressure on Crypto Will Backfire: Chris Burniske

2023-03-26

U.S. SEC Continues Broadside Against Digital Asset Market, Issues Investor Alert About ‘Crypto Asset Securities’

2023-03-24
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Under-the-Radar Ethereum Rival Soars 50% in Just One Week, Evading Bitcoin and Crypto Market Malaise

2022-07-15

Binance Charity to provide over 30K Web3 scholarships in 2023

2023-01-21

Tron: Stablecoin USDD went live this week, here’s how TRX reacted

2022-05-08

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,131.00-1.27%
  • ethereumEthereum(ETH)$1,794.46-0.64%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$316.960.45%
  • usd-coinUSD Coin(USDC)$1.000.02%
  • rippleXRP(XRP)$0.54-2.46%
  • cardanoCardano(ADA)$0.377305-2.46%
  • Lido Staked EtherLido Staked Ether(STETH)$1,790.24-0.69%
  • dogecoinDogecoin(DOGE)$0.074928-1.67%