Ethereum price strengthens at $2,972, eyes FOMC minutes for the next direction

TLDR

The price of Ethereum moves to $2,972, showing high intra-day volatility of declines and recoveries. The price is in a narrow range indicating consolidation around the $2,950-$3,000 zone. Ethereum faces key resistance at $3,000 and $3,100, which requires a bullish trend break. Market capitalization is $358.81 billion, down 0.93%, with 15% trading volume up. The release of FOMC minutes may introduce volatility, affecting Ethereum price movements and resistance tests.

Ethereum price is trading at a monthly low of $2,720 as the digital asset is poised for a bull run after recovering the $3,000 level. During today's Asian trading session, ETH price opened at a market value of $2,927 before showing a clear horizontal trend.

Ethereum drops 0.93% for price transactions below $3,000

At press time, CoinMarketCap data confirms that the price of Ethereum is moving towards $2,972, recording intraday volatility characterized by rapid declines and temporary recoveries. The price of ETH moves down significantly from the levels above $3,000, entering the lower consolidation zone. Trading activity shows repeated swings, characterized by short upward movements followed by downward pressure.

ETH's price action remains confined within a relatively tight band for a longer period of time, continuing to move sideways. A subsequent rally will push the price towards the $3,000 level before another pullback occurs. The market capitalization stands at 358.81 billion dollars, which shows a daily decrease of approximately 0.93%. The twenty-four-hour trading volume is about 21.44 billion dollars, which shows an increase of more than 15 percent. High volume coincides with price fluctuations on the price chart.

Ethereum price will test key levels before the release of the FOMC minutes

An observation by Ted Tash confirms the next price trend and weighs in on the next Ethereum price trend. According to Ted, the price of ETH remains in the $2,950-$3,000 range, indicating consolidation around key support and resistance levels. The analysis shows resistance around $3,000 and $3,100, the price of Ethereum is struggling to maintain its upward momentum. For a bullish move, the price of Ethereum should return to the $3,000 zone as seen in previous price tests.

Failure to hold above these levels could result in a decline to lower support levels near $2,850 and $2,700. The price action shows repeated resistance tests, which shows the indecisiveness in the market. The release of FOMC minutes can introduce volatility, which can cause price movements. The price of ETH will face tight trading conditions, with a known support in the $2,850 zone. A clear break above $3,000 could pave the way for further gains, with the downside remaining if support levels are not held.