What’s the Road Ahead for Ethereum? Analyst Charts Next levels For ETH Price

The post What’s the Road Ahead for Ethereum? Analyst Charts Next levels For ETH Price appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Since the market-wide meltdown in May 2012, when its worth dropped to $1,790, Ether (ETH) has been attempting to find an ascending channel. The altcoin’s support currently stands near $2,000, but the high correlation to traditional markets has caused traders to be exceedingly suspicious about the cryptocurrency market’s recovery.

So far, the Federal Reserve has continued to dictate market efficiency, and uncertainty has prevailed as central banks in major economies attempt to contain inflation. Given that the correlation between crypto markets and the S&P 500 index has remained over 0.85 since March 29, traders are unlikely to bet on Ether detaching from larger markets anytime soon.

On May 17, US Federal Reserve Chairman Jerome Powell reaffirmed his commitment to lowering inflation by hiking interest rates until costs return to a “healthy level.” Powell did warn, though, that the Fed’s tightening may have an impact on the unemployment rate.

So, while the conventional markets have been informed that the financial authority planned a “gentle touchdown,” this does not mitigate the unexpected consequences of achieving “worth stability.”

What’s Next For ETH Price

A well-researched crypto strategist outlines what Ethereum’s main sensible contract platform has in store.

According to a new approach presented by pseudonymous analyst Cred, Ethereum may have printed a tradeable range if the bottom at $2,000 holds. This might be our alternate for a while.

Weekly assistance is around $2,000 At $2,500, resistance may form. Then there’s the premium quality at $3,000. So, if that’s some kind of intermediate bottom, we’re dealing with a range of $2,000 [to] $3,000, with $2,500 serving as the range’s midpoint, he said.

If things continue to rebound, stocks do well, and so on, the main goal for that may be to move from support to resistance.