#KnowYourToken - Ethereum (ETC)
Market Cap: $422 billion
1W Trading Volume: $237 billion
Percentage change in Price (1W): -11.5%
Any News Around the Token:
On March 20, 2024 - The US Federal Reserve, led by Jerome Powell, maintained interest rates at 5.25-5.50% for the fifth consecutive meeting and also signaled three rate cuts in 2024. Despite steady inflation, the FOMC expects adjustments to support sustainable growth. Economic forecasts show a sharp increase in US growth to 2.1%, while core inflation is revised to 2.6%. As rates stabilize, heightened investor confidence is anticipated, with funds flowing into investment assets, including cryptos expected to rise in the rest of the year.
Analysis:
The overall crypto market witnessed a crash ever since the middle of March 2024 and especially in Ethereum right after the
Ethereum Dencun Upgrade, where ETH price corrected over 20% in a matter of a week. But since the crash, Ethereum price has begun to show signs of recovery, having jumped over 12% in the past 24 hours, trading back above the crucial $3500 level. Although it has retraced slightly below $4000, prospects remain upbeat for the leading altcoin. In terms of support, Ethereum's price is expected to stabilize around the $3500 level. Conversely, breaching the $4000 mark again could lead to targets reaching up to $4300 in the short to medium term.
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