• Coins
    • Bitcoin
    • Dogecoin
    • Ethereum
    • Litecoin
    • Ripple
    • Tron
    • NFT
  • Cryptonews
  • Blockchain
  • Metaverse
  • Regulation
  • Market Cap
What's Hot

DOOM Game Now Available On Bitcoin; Here’s How You Can Play

02/08/2023

Nokia uses the Metaverse to connect remote breweries, train aircraft techs

02/08/2023

Hong Kong securities regulator adds crypto personnel for industry supervision

02/07/2023

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Trending
  • DOOM Game Now Available On Bitcoin; Here’s How You Can Play
  • Nokia uses the Metaverse to connect remote breweries, train aircraft techs
  • Hong Kong securities regulator adds crypto personnel for industry supervision
  • Interpol Tackling Crime in the Metaverse
  • Creator of cannabis-themed metaverse shares his vision for the industry
  • You Can’t Miss These Top 5 NFT Drops In February 2023
  • Metaverse Trends That Will Shape the 2020s
  • 5 biggest economic bubbles in history
Facebook Twitter Instagram
Center Crypto NewsCenter Crypto News
Demo
  • Coins
    1. Bitcoin
    2. Dogecoin
    3. Ethereum
    4. Litecoin
    5. Ripple
    6. Tron
    7. NFT
    8. View All

    Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations

    02/02/2023

    Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

    02/02/2023

    Can Bitcoin (BTC) continue the bullish rally for the entire 2023?

    02/02/2023

    FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

    02/02/2023

    Will DOGE reach $1 in 2023?

    01/31/2023

    Will Dogecoin (DOGE) break the long-term support of $0.05?

    12/19/2022

    Dogecoin surges 9%; Will DOGE outperform other altcoins?

    11/29/2022

    Dogecoin (DOGE) takes support from the 200 EMA curve!

    11/21/2022

    Ethereum price claims for $1.8K mark: Will ETH win?

    02/03/2023

    Total Ethereum Staked On Lido Finance Reaches New Milestone

    02/01/2023

    Ethereum Hovers Above $1,600, What’s The Next Move?

    01/26/2023

    Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

    01/25/2023

    LTC is all set to surpass the $100 mark!

    01/31/2023

    Can Litecoin (LTC) surpass the $82 mark in the third attempt?

    01/12/2023

    Litecoin (LTC) outperforms its peers and showcases huge potential!

    01/04/2023

    Litecoin lacks a buying spree; Support remains relatively stronger

    12/08/2022

    SEC settles on security claim in LBRY case; community calls it a big win for crypto

    01/31/2023

    New Ripple president says her job is to continue to scale amid crypto winter

    01/27/2023

    Circle, Ripple reflect on Davos 2023

    01/26/2023

    Ripple, Binance impersonators target XRP holders via fake staking program

    01/25/2023

    Is it time for a long position in TRX?

    02/01/2023

    TRON spikes 5% today: Can TRX breakout continue?

    01/09/2023

    TRON is likely to regain its previous support of $0.06

    12/15/2022

    TRON (TRX) price plunge may be on the horizon

    12/08/2022

    DOOM Game Now Available On Bitcoin; Here’s How You Can Play

    02/08/2023

    You Can’t Miss These Top 5 NFT Drops In February 2023

    02/06/2023

    5 Best NFT Collections For Sports Fans To Keep An Eye On

    02/05/2023

    Mastercard’s NFT leader Resignation letter Goes Viral; Here’s Why

    02/04/2023

    DOOM Game Now Available On Bitcoin; Here’s How You Can Play

    02/08/2023

    Nokia uses the Metaverse to connect remote breweries, train aircraft techs

    02/08/2023

    Hong Kong securities regulator adds crypto personnel for industry supervision

    02/07/2023

    Interpol Tackling Crime in the Metaverse

    02/07/2023
  • Cryptonews

    Orbeon Protocol soars; Shiba Inu recovers on Shibarium launch

    02/05/2023

    Aptos soars, and Orbeon Protocol is expected for 6000% gains

    02/04/2023

    Cosmos, Chainlink, and Orbeon Protocol

    02/03/2023

    Binance Coin, Helium, and Orbeon Protocol lead market gains

    02/03/2023

    Crypto goes without any mention in the 2023 Union Budget

    02/02/2023
  • Blockchain

    Lodestar announces the mega launch of v1.4.0

    02/03/2023

    KardiaChain partners with Vibranium Audits & revolutionizes dApp

    02/02/2023

    Djed goes live on Mainnet, beginning a new era of stablecoins

    02/01/2023

    Aave deploys V3 on Ethereum mainnet to mitigate user risk

    01/30/2023

    COTI makes an invaluable contribution to the boosting of Djed

    01/30/2023
  • Metaverse

    Nokia uses the Metaverse to connect remote breweries, train aircraft techs

    02/08/2023

    Interpol Tackling Crime in the Metaverse

    02/07/2023

    Creator of cannabis-themed metaverse shares his vision for the industry

    02/06/2023

    Metaverse Trends That Will Shape the 2020s

    02/05/2023

    Top 10 most famous computer programmers of all time

    02/04/2023
  • Regulation

    Hong Kong securities regulator adds crypto personnel for industry supervision

    02/07/2023

    5 biggest economic bubbles in history

    02/05/2023

    Voyager victim calls for trustee to seize control of the estate

    02/03/2023

    US lawmakers renew request for answers from Silvergate on FTX: Report

    02/01/2023

    Panama’s Supreme Court to rule on cryptocurrency legislation

    01/30/2023
  • Market Cap
Center Crypto NewsCenter Crypto News
Home»Coins»Ethereum»Ethereum Spurts 13% In The Past Week, Investors Hopeful Of Market Bottom
Ethereum

Ethereum Spurts 13% In The Past Week, Investors Hopeful Of Market Bottom

By 01/13/2023No Comments0 Views
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


At its current price of $1,408, investors and traders are hopeful that the market bottom is finally here for Ethereum.

Analysts are observing that Ethereum is at its key resistance level, poised for a breakout as the Consumer Price Index (CPI) data was released Thursday.

This rally by Ether – which is up 13% in the last seven days, based on data by Coingecko – has been fueled by a renewed investor sentiment. However, these huge gains are still threatened by macroeconomic forces. 

The Consumer Price Index reported by the U.S. Labor Department on Thursday showed an annual increase in consumer prices of 6.5%, down from 7.1% in November and the 40-year high of 9.1% in June.

Is The Market Bottom Here For Ethereum? 

Most analysts agree that the market bottom for Ethereum may just be around the corner. But the community is divided on where the price of ETH would go. Some don’t buy the idea that this rally is the start of the crypto market recovery. 

Twitter user EMoneyMoves sums up the pessimists’ side in his own viewpoint. His most recent thread details his reasons why he doesn’t believe this is the end of the bear market. The gist of it is that this market movement is currently mirroring the 2018 crash of Ether. 

This itself is not evidence that the market bottom is in. External market forces, according to analysts, will mold the market bottom. 

“Do not ape now. This might be a bear market rally to mirror the early $ETH bear market rally of 2018. The economy looks like s*it. Record consumer debt. Sky high inflation. Rising interest rates. War in Ukraine choking oil supply. Mass layoffs in major industries starting,” eMoneyMoves said in part of his thread. 

Indeed, the macroeconomic situation is not looking so rosy. With the World Bank saying that we’re on the brink of a recession, the CPI data means a great deal for investors in the short- and mid-term.

On ETH Resistance & Fed Monetary Policies

With economies in a bigger slump, this rally might only be a slight relief that precedes more pain. As of writing, the S&P 500 is up 4% in the weekly, nearly gaining as much as Ethereum in the same timeframe. This correlation between the two could set the crypto and stock market tumbling if the CPI data showed a worsening or stagnating situation. 

As of writing, Ethereum is being rejected at $1,418 which might indicate that the bulls have lost or are yet to lose momentum. This rejection can be further amplified if macros don’t support the sentiment or price action. 

ETH total market cap at $172 billion on the daily chart | Chart: TradingView.com

As the market waits for a glimpse of the U.S. Federal Reserve’s future policies, investors and traders should hold off any major decisions and just monitor the situation. 

-Featured image by The Block

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

Related Posts

Ethereum price claims for $1.8K mark: Will ETH win?

02/03/2023

Total Ethereum Staked On Lido Finance Reaches New Milestone

02/01/2023

Ethereum Hovers Above $1,600, What’s The Next Move?

01/26/2023

Leave A Reply Cancel Reply

Top Posts
Cryptonews

Orbeon Protocol soars; Shiba Inu recovers on Shibarium launch

02/05/2023
Cryptonews

Aptos soars, and Orbeon Protocol is expected for 6000% gains

02/04/2023
Cryptonews

Cosmos, Chainlink, and Orbeon Protocol

02/03/2023

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

Advertisement
Demo
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

DOOM Game Now Available On Bitcoin; Here’s How You Can Play

02/08/2023

Nokia uses the Metaverse to connect remote breweries, train aircraft techs

02/08/2023

Hong Kong securities regulator adds crypto personnel for industry supervision

02/07/2023
Get Informed

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

© 2023 ThemeSphere. Designed by ThemeSphere.
  • Terms & Conditions
  • Contact
  • Privacy Policy
  • DMCA

Type above and press Enter to search. Press Esc to cancel.