ETH/USD Outlook (31 August 2022)
Could Ethereum trade lower further?
Similar to the Bitcoin analysis, Ethereum traded lower to the 1421 price level following the statements from Chair Powell, indicating that the Federal Reserve would continue hiking rates sharply, increasing the likelihood of a 75bps rate hike for the September meeting.
Price recovered back towards the 1619.54 area but Ethereum has been trading lower since reversing from the 2000 level, with upside moves resisted by the diagonal downward trendline.
Look for the price to continue trading lower towards the 1421 price level, with the next key support levels at 1356.60 and 1278.54.
Similar to the Bitcoin analysis, Ethereum traded lower to the 1421 price level following the statements from Chair Powell, indicating that the Federal Reserve would continue hiking rates sharply, increasing the likelihood of a 75bps rate hike for the September meeting.
Price recovered back towards the 1619.54 area but Ethereum has been trading lower since reversing from the 2000 level, with upside moves resisted by the diagonal downward trendline.
Look for the price to continue trading lower towards the 1421 price level, with the next key support levels at 1356.60 and 1278.54.
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