Ethereum (ETH) Price Prediction, 7th Feb 2023
The cryptocurrency markets have seen massive swings in recent weeks, with Bitcoin and Ethereum prices abruptly surging and plummeting. The market for digital currency investors has been unsettling lately.
In anticipation of Jerome Powell, chairman of the Federal Reserve, investors watched as Bitcoin’s (BTC) value fell to below $23,000 on Monday. With BTC falling by 2.05% and ETH falling by 2.36%, other digital assets, such as Ethereum, were also flat.
An surge in pandemic-related panic and a volatile cryptocurrency market were the main factors affecting the price of Bitcoin and other assets. These factors working together have increased trade activity with digital currency.
The crypto area has been significantly impacted by the US dollar’s bullishness, which has made the crypto market struggle and put an end to the surge.
The market for cryptocurrencies has recently experienced a fall due to numerous unfavorable causes. These include heightened concerns about potential currency tightening and opposition to bitcoin use in Sri Lanka.
Due to the upcoming conversation between Federal Reserve Chairman Jerome Powell and the Economic Club of Washington, D.C. on Tuesday, traders are being extra careful going forward when it comes to investing. Investors can anticipate learning new information about the state of the economy from the discussion. Comments made about the trajectory of inflation and the most recent employment statistics will be closely scrutinized.
Today’s Ethereum Price
Ethereum Price Prediction
Ethereum’s price is currently $1,633 and has dropped 2.02% over the past 24 hours. According to CoinMarketCap rankings, the 24-hour trading volume is $7.5 billion, and it is ranked second by market capitalization with a live market value of $199 billion.
The price of the ETH/USD pair has not changed significantly over the last few days and is currently trading between $1,610 and $1,650. If this threshold is crossed, the price of ETH might go to $1,720.
Recently, the Moving Average Convergence/Divergence (MACD) and Relative Strength Index (RSI) indicators have given contradicting signals, which may indicate that the trend is likely to change. The first promotes buying, while the second urges selling.
The 50-day Exponential Moving Average has shown that cryptocurrencies may be moving in a bullish direction. Prices for coins could rise if they reach values beyond $1,620.