Ethereum Backtracks after Failing to Set New 2023 Highs


ETH/USD Analysis

The popular altcoin is having a great month and managed to clinch fresh 2023 highs after BlackRock registered for an Ethereum Trust. Progressing with its plans, the company last week filed for a spot Ethereum ETF [1], with markets being optimistic that the SEC will approve such products. ETH/USD is also helped by a string of US data that have raised the bar for further tightening by the Fed and have bolstered market expectation around the timing of rate cuts, weighing on the greenback. The advance has brought 2,475 in the spotlight, but does not yet inspire confidence for tackling them.

On the other hand, the industry still faces an adverse regulatory environment in the US, while the Fed may still need to do more to restore price stability. Furthermore, ETH/USD slides today after failing to set new 2023 high, which exposes it to the critical EMA200 (at around 1,895). Daily closes below it would pause the upside momentum, although sustained weakness that could threaten 1,517 has a high degree of difficulty under current conditions. In any case, the next leg of the move will likely be shaped by key incoming US releases, including Thursday's PCE inflation.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.



Retrieved 23 Jul 2024

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