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Market News ETH and Sub-$1,500 in the Hands of Powell and US Labor Market Stats

ETH and Sub-$1,500 in the Hands of Powell and US Labor Market Stats

As obstacles build up before Friday's US Employment Report, ETH may experience further selling pressure after falling back into the negative on Tuesday.

Cory Russell

2023-03-09

10647

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On Tuesday, Ethereum (ETH) decreased by 0.26%. The price of ETH was $1,562 at day's conclusion, reversing Monday's rise of 0.06%. ETH missed the $1,600 mark for the fourth period in a row.

ETH rose to a peak of $1,584 in the early morning hours of the day before going back down. ETH fell to a low point in the middle of the afternoon of $1,536 after hitting the First Significant Resistance Level (R1) at $1,581. Before finishing the day at $1,562, ETH momentarily breached the First Major Support Level (S1) at $1,553 and the Second Major Support Level (S2) at $1,540.

Fed Chief Powell Causes ETH to Go Negative Due to Falling Staking Inflows

On Tuesday, there was no activity. There were no new developments regarding the postponed Shanghai improvement to affect the mood of investors. Daily ETH inflows have fallen to below-normal levels this week as a result of the spike in mining outflows prior to the Shapella update.

The reversal is probably a reaction to the Shanghai upgrade's postponement and the increased regulatory and legislative inspection.

CryptoQuant reports that on March 7, ETH pledging entries totaled 13,952 ETH. Inflows are still significantly below the year-to-date peak of 198,560 on February 25, despite being up from 3,552 ETH on March 5.

The NASDAQ Composite Index and Fed Chief Powell had more sway on Tuesday despite the fact that pledging entries were negative.

Investors were taken aback by the testimony's unexpected hawkishness. Powell drove the NASDAQ Composite Index into negative territory and Bitcoin below $22,000.

Fed Chief Powell discussed the need for higher rates on Tuesday, pointing out that economic statistics had been stronger than anticipated. Powell's statement caused the NASDAQ Composite Index to lose 1.25% by day's conclusion. This morning, the NASDAQ mini gained 4.25 points.