Hope persists for Ethereum to rise above $5,000 with favorable developments.
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With the Federal Reserve’s interest rate decision looming, Bitcoin $113,141’s price fell below $112,000, hitting a daily low of $111,350. It was anticipated to form a higher low and climb back to $116,000 from $112,000. However, as is customary with Fed-driven volatility, the expected outcome did not materialize. What do the experts forecast in this context?
ContentsBitcoin (BTC)Ethereum (ETH) Bitcoin (BTC)
Sherpa noted that we would experience reasonable levels of volatility due to the FOMC meeting, even before today’s decline accelerated. Although he stated his intention to maintain his long-term position, he emphasized reducing risk as a wise option. Highlighting the significance of the $111,000 level for BTC, he communicated the following:
“I anticipate a reasonable level of volatility as usual before the FOMC meeting. I will generally maintain my long-term position, but will follow a risk reduction strategy with perps. If BTC reaches the $111,000 level, I think purchases will be made, closing the CME gap. I still believe this situation is a dip buying opportunity.”
The topic of the CME gap has been discussed throughout the week. A decline around $110,000 would eliminate this gap, and BTC was at $111,170 at the time of writing.
Ethereum (ETH)
The king of altcoins has witnessed positive ETF flows for the last two days, albeit modest entries. While an agreement with China this week might support a positive sentiment, the lack of substantial appetite on the institutional side is concerning. There is no prevailing sentiment that Ether will soar to record highs post an interest rate cut and a subsequent China agreement in both exchanges and ETF channels.
Conversely, U.S. stock markets, unlike cryptocurrencies, are breaking records. NVDA has become the first company to surpass a $5 trillion valuation. Moreover, as the stock market hits new records, it is expected that positive sentiment will be bolstered by the earnings reports of trillion-dollar giants this week. We shall see what awaits ETH.
Poppe remains hopeful and wrote:
“A daily update on ETH. The same compression and momentum are still forming. Everything depends on the business cycle and the FOMC’s decisions. If this is a progressive development for risk assets, I think ETH is ready for a new ascent phase and to rise above $5,000.”
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