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The FOMC report (Federal Open Market Committee) will be coming out soon! The main talking point traders all over the world are keeping a close eye on is the possible increase in interest rate for the U.S Dollar.
In a bid to cup inflation and strengthen the U.S market, we might see the FED hike the interest rate today. And a hike like this could have a ripple effect on the crypto market.
In this Ethereum analysis, we will be talking about the possible price scenarios we might expect and the key pattern we are currently watching in the ETH 15 minutes timeframe.
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How Will ETH React To The FOMC Report?
The Ethereum price has been ranging all week. This price range has created a channel pattern in the Ethereum 15 minutes price chart.
What the Fed says in the meeting will have an impact on what direction the Ethereum price will break out from this channel.
So in the coming days, we will be keeping a close eye on this key pattern to see how the price will react to the levels.
ETH Bullish Prediction
For the ETH bullish prediction, we want to see the ETH price breakout from this key pattern to the upside.
A bullish breakout like this would be a great signal for a positive sentiment for Ethereum in the coming days. The question now is are the Ethereum bulls ready to come back into the market or is momentum still weak?
Final Verdict!
The Ethereum price is currently trading sideways, building momentum for a massive move that might play out very soon! The direction this move will take will be heavily dependent on how traders react to the possible interest rate hike for the U.S Dollars.
This FOMC report will be coming out soon. We expect to see volatility pick up once it does.
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