Key takeout
- Ether regained the $4,600 level a few hours ago after the Fed cut benchmark interest rates.
- Major Altcoin could quickly reach a $4,800 resistance level amid strong on-chain data.
As market conditions become bullish, ether reaches $4,600
Ether is the second largest crypto by market capitalization and the leading Altcoin, with an increase of over 1% over the last 24 hours. Positive performance allowed the ether to hit the $4,600 mark a few hours ago, but is now trading at $4,580.
The rally comes as the Federal Reserve cut interest rates by a quarter point on Wednesday. Federal Reserve Chairman Jerome Powell said there is no basis for greater cuts as he defended the Fed’s decision to wait so far to lower interest rates.
Furthermore, Ethereum (ETH) on-chain data shows bullishness, suggesting that coins could be high in the short term. The Ethereum Network experiences Increased demand for whaleslow sales pressure, recovery of network activity, and increased Stablecoin supply. These are strong
ETH’s eyes are $4,800 as momentum indicators change forcefully
The ETH/USD 4-hour chart is bullish and efficient thanks to recent Ether rallies. The momentum indicator switched bullish as the market changed to green.
The 54 RSI indicates that the buyer has regained control of the market. The MACD line has also crossed the bullish zone. If bullish trend continues, ether could exceed the $4,778 resistance level in the short term. However, it requires broader market support to beat the current all-time high of $4,956.
If the market decides to receive an amendment after this rally, ETH can retest the recent support level of $4,427. Failure to follow this support could potentially lower your ETH to $4,202.
