Key Points:
- ETH is trading above $4,300, showing less than a 1% increase in the last 24 hours.
- Investors are poised to focus on Fed Chair Jerome Powell’s speech at Jackson Hole later today.
Ethereum Remains Resilient Amid Bearish Market Conditions
The cryptocurrency market has experienced volatility since the start of the week, with expectations of increased fluctuations in the coming hours. Traders are gearing up for potential market shifts ahead of Federal Reserve Chair Jerome Powell’s speech during the Jackson Hole symposium.
Bitcoin continues to hover around $113,000, while Ethereum is trading above $4,300, reflecting a modest increase of less than 1% over the past 24 hours. Ethereum’s resilience is partly attributed to a recent report from JPMorgan indicating that Ethereum exchange-traded funds (ETFs) attracted $5.4 billion in July, similar to Bitcoin ETFs, which have seen modest outflows. Meanwhile, Ethereum vehicles continue to garner investor capital.
According to the bank, SEC approval for in-kind redemptions for Ethereum ETFs is expected to lower costs, enhance liquidity, and further strengthen Ethereum’s positioning relative to Bitcoin.
Ethereum Could Drop Below $4,200 If Powell’s Speech Is Hawkish
The Federal Open Market Committee (FOMC) minutes released on Thursday revealed a hawkish bias, with analysts not anticipating any rate cuts from the central bank by the next month. The short-term market performance may largely depend on Powell’s remarks later today.
The 4-hour ETH/USD chart presents a bearish outlook, indicating that Ethereum has lost 7% of its value over the past week. With a Relative Strength Index (RSI) of 51, Ethereum remains neutral, yet MACD lines suggest a bearish tone.
As of this writing, ETH is trading at $4,314 per coin. If the daily candle closes above the support level of $4,232, it could extend its recovery towards the next daily resistance at $4,488. A sustained bullish run might aim for the yearly high of $4,788.
However, as the broader market continues to trend downward, Ethereum may face correction if its daily support at $4,232 fails, potentially extending its decline towards the next support level of $3,946.
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