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Market News ETH Fails to Make a Move ahead of Testnet Launch with Powell in Focus

ETH Fails to Make a Move ahead of Testnet Launch with Powell in Focus

BTC and ETH were under pressure this morning after a bullish Tuesday. Investors ignored Shanghai hard fork developments in favor of the Fed.

Skylar Shaw

2023-02-02

11742

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Tuesday, Ethereum (ETH) increased by 1.21%. ETH concluded the month up 32.64% at $1,585, partially correcting a 4.80% decline from Monday.

ETH dropped to a low of $1,561 in the middle of the morning after a mixed morning. The First Major Support Level (S1) around $1,518 was avoided, and ETH climbed to a high of $1,605 in the late afternoon. ETH slipped down to close the day at less than $1,600 after failing to reach the First Major Resistance Level (R1) at $1,631.

Bitcoin (BTC) increased by 1.34% on Tuesday. BTC closed the month up 39.67% to $23,135 after somewhat rebounding a 3.86% decline from Monday. The month of BTC was the greatest since October 2021.

As the day got off to a mixed start, BTC dropped to an early low of $22,730. BTC rose to a late high of $23,297 while avoiding the First Major Support Level (S1) at $22,292. BTC pulled slightly after falling short of the First Major Resistance Level (R1) at $23,577 to conclude the session at $23,135.