Ethereum ETH Price Prediction: How Will Fed Rates Impact $ETH Prices?
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Ethereum bulls failed to sustain above $4000 level for long, leading to a strong pullback amid the Bitcoin price drop under $104,000.
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Ethereum price has declined 5.75% from its Monday high of $4,109 this week after the altcoin formed a bearish engulfing pattern on the daily chart.
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The Federal Reserve is scheduled to announce its interest rate decision during its meeting on Wednesday.
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This is ETH’s third rejection at $4,000 in 2024, a level proving to be a strong weekly resistance during the past two attempts earlier this year.
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The $4,0000 weekly resistance has been tested five times since 2021 and thrice in 2024, but a bullish breakout above the level has eluded Ethereum.
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Despite immediate bearish sentiments, Ether’s market structure has maintained an uptrend with higher highs (HHs) and higher lows (HLs).
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Data from CoinGlass indicated that Ethereum’s future open interest reached a new all-time high of $28.70 billion on Dec. 17.
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While most futures traders have targeted long positions throughout November, the current sentiment might be turning momentarily bearish.
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If Ethereum Fails to breach and close above $4100 level then can retracement before reversing its trajectory towards $3500.
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If Ethereum bulls sustain above $4000 level then further upside to new all-time highs around $5,000 can be seen.
