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In our previous Ethereum analysis, This ETH Key Support Zone Still Holding Strong! What Now? we talked about the ETH $1,669 key support zone in the 4-hour timeframe and how the ETH price reacts to this zone can affect the trend of the Altcoin in the coming days.
Well, the ETH price has bearly moved anywhere all through today. And we believe this quiet market may be caused by the FOMC meeting coming up tomorrow.
The FOMC meeting is the breakdown of the inflation, and interest rate, as well as the future policies of the U.S Federal Reserve.
This type of news has major effects on the Crypto market and can cause wild movement in prices.
In this Ethereum analysis, we will be breaking down what to expect tomorrow and the key levels we are watching for.
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How Will the FOMC Meeting Affect ETH?
Well, the Federal reserve recently printed over $300 billion to try and save the failing banking sector in the U.S. This type of huge money printing helps the crypto market because it provides more liquidity and allows more investors to move money into the crypto market.
So tomorrow’s FOMC meeting will help us understand if the FED has more plans to print more money in the coming days and if they would increase or reduce interest rates.
Key levels To Watch For ETH
For ETH, the key level we will be watching is the $1,669 key support level in the 4-hour timeframe. We expect to see the ETH price react aggressively from this level tomorrow as the FOMC news data gets released.
What direction this price reaction will push prices to will determine what the sentiment of traders will be in the coming days.
So for now, this $1,669 key support is still holding strong so we will remain bullish on it.
However, if it gets broken there is a very high probability that we might see the Altcoin continue to sell off. And that would be a shift in the sentiment of the market.
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