The latest data released from blockchain analytics firm Satinment indicates that traders, in general, do not believe the hype around Ethereum (ETH) and are confident that crypto prices may fall heading into the FOMC meeting.
Chart of ETH’s sentiment (Source: Santiment)
Santiment’s data shows that ETH’s price had an up and down Sunday as it jumped above $1,640 before dipping to $1,540. The chart above shows that sentiment has dropped to “super negative territory” once again as traders “brace for the FOMC meeting.”
According to the crypto market tracking website, CoinMarketCap, the price of ETH has fallen by 4.61% over the past 24 hours, taking its price down to $1,526.52. As a result, ETH’s market cap totals $185,611,763,589.
ETH’s price has also weakened against BTC by 1.22%, as one ETH is worth approximately 0.06961 BTC.
Daily chart for ETH/USDT (Source: CoinMarketCap)
Looking at the daily chart for ETH/USDT, the price of ETH has consolidated over the last week and remains above the 9 Exponential Moving Average (EMA) line, despite its recent 24-hour drop.
ETH’s daily chart is still relatively bullish as the 9 EMA is positioned above the 20 EMA line, and the MACD line is positioned above the MACD signal line. However, the MACD histogram’s gradient is turning negative.
Should the price of ETH break below the 9 EMA line, ETH’s daily chart could have the necessary pressure to turn it bearish, and ETH’s price will look to target the 20 EMA level. On the other hand, if the 9 EMA line can hold as a support level for ETH’s price, then the bearish thesis for the next couple of days will be invalidated.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.