Ethereum Could Gain 10% Before ETH Resumes Its Reversal

With the latest price drop in the first half of this month, Ethereum has reached a new low. Ethereum, as of late, has been estimated to be worth around $1,420. Ethereum’s future, though, appears to be gloomier at the moment. The current price of one ether is below the 61.80 Fibonacci level, which is somewhere around $1,340 at the time of this writing. Any progress made since early September has been lost in the recent market downturn. The coin still has some chance of being salvaged, though. There has been a lot of volatility in the financial markets since the market crash on September 13 in response to the CPI report and interest rate hike. In response to the recent negative developments in the U.S. economy, stock prices and cryptocurrency prices fell precipitously. However, Ethereum has a chance of gaining 10% before it resumes its backward motion. Related Reading: Chiliz Bulls Test $0.2505 Resistance – Can CHZ Reach Green Zone? On Jittery Traders & Federal Reserve Rate Hikes Fear has spread among traders and investors due to the combination of historically high inflation and the Federal Reserve’s quantitative tightening initiatives, which center on a potential 1% interest rate hike. The market’s reaction to this newfound anxiety was a precipitous drop almost instantly. The price decreased by 26.02 percent from the 10th to the 18th of September, effectively erasing the purported recovery seen in late Au...