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ETH and $1,900 in the Hands of Fed Chair Powell and Staking Stats
The emphasis on Fed Chair Powell and the Fed will make for a hectic day for ETH. A curveball from Fed Chair Powell with rumors of a raise in September would be significant.
On Tuesday, Ethereum (ETH) increased by 0.38%. ETH finished the day at $1,858, somewhat correcting a 2.06% loss from the previous day. ETH dropped below $1,850 for the second time since July 10 despite the positive session.
Bitcoin Price Movement
ETH was down 0.10% to $1,856 this morning. After a day of range-bound trading, ETH dropped to an early low of $1,853 before settling.
Daily Chart
The Daily Chart shows ETH holding above the 200-day EMA ($1,778) while remaining below the $1,895 - $1,865 support area and the 50-day EMA ($1,871), giving bearish short-term but bullish long-term price indications. Notably, a negative price signal was sent when the 50-day EMA shrunk to the 200-day EMA.
The 14-Daily RSI's value of 45.50 indicated a bearish perspective, indicating a decline through the $1,815–$1,795 support range with a target of $1,778. The bulls would then have a run at the upper level of the $1,865 - $1,895 support range and $1,900 if ETH were to go through the 50-day EMA ($1,871).
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