ETH holds above $1700: What should you expect next? – Crypto News – Crypto News
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ETH holds above $1700: What should you expect next? ETH holds above $1700: What should you expect next?

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ETH holds above $1700: What should you expect next? – Crypto News

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2 years ago

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The FOMC meeting on 31 October/1 November could induce volatility.
  • A cluster liquidity existed between $1700-$1750 alongside critical open liquidity at $1813. 

The US Federal Open Market Committee (FOMC) meetings are associated with significant price volatility in the crypto market. In the past three days, the market entered a range ahead of the next meeting on 1 November.

Read Ethereum’s [ETH] Price Prediction 2023-24

In particular, Ethereum [ETH] consolidated recent gains above $1700. 

A previous ETH price analysis leaned towards extra gains above $1800. Although ETH experienced a slight price bounce, it faced price rejection at the previous mid-range, near $1850. 

Here are the key levels to consider ahead of the Fed decision. 

Will ETH stay above $1700?

ETH

Source: ETH/USDT on TradingView

Liquidity on the 4-hour chart existed between $1713 – $1758 (orange). It meant the area was crucial to traders as an entry or exit point for trade set-ups. 

On the zoomed-out 4-hour chart, the recent price upswing faltered at the mid-range of $1851, the previous range formation seen in July/August. So, the crucial levels to watch out for ahead of the Fed’s decision were the $1713 – $1758 (orange) and the previous range formation levels. 

Notably, over 99% of interest rate traders expected unchanged Fed rates, so a rebound at the liquidity area above $1700 could be feasible. But bulls must consider the overhead hurdles at range-low ($1816), mid-range ($1851), and range-high ($1887). 

Alternatively, an extreme bearish sentiment if the Fed decision turned hawkish (hikes rate), then ETH sellers could drag the altcoin below $1700. The breaker block at $1640 (cyan) will be the next support in such a downswing scenario. 

The CMF and RSI were at equilibrium levels, meaning capital inflows and buying pressure were average, and prices could take any direction. 

Significant open liquidity at $1813

ETHETH

Source: Hyblock

How much are 1,10,100 ETHs worth today? 

Data from Hyblock showed open liquidity from leveraged traders (blue lines on the Liq profile) was on the higher side. One crucial liquidity level was $1813, worth over $108 million in short liquidations, if the price hit the level. Others were at $1827 and $1844. 

The crucial one of $1813 was close to the range-low of $1815 and meant that the short-term rebound could derail at the range-low. But a dovish Fed stance on 1 November could tip ETH to reclaim the range-low and aim for upper resistances. 

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