- Ethereum value lags behind rival cryptocurrencies
- If Ethereum follows Bitcoin, a brand new annual file might be within the playing cards
- Subsequent week’s Federal Reserve assembly is essential for the US greenback
in 2023 the cryptocurrency market rebounded strongly. After the disappointing 2022 Bitcoin and different main cryptocurrencies have soared.
For instance, the value of Bitcoin since 2010 elevated by 81.86%, and Ripple – as a lot as 137.53%. In comparison with the 2, it may be stated that the value of Ethereum is lagging behind, gaining “solely” +58.37% this 12 months.
In different markets, such a return is taken into account merely unimaginable. However not within the cryptocurrency market, the place fortunes are made (and misplaced) virtually in a single day.
So, can Ethereum be purchased due to its lack of momentum in comparison with its friends? Additionally, following in Bitcoin’s footsteps, will Ethereum hit a brand new excessive for the 12 months?
Ethereum chart by TradingView
The Federal Reserve will increase the funds fee once more subsequent week
The subsequent week can be decisive for the short-term and medium-term outlook of the US greenback. The US Federal Reserve is because of set financial coverage subsequent Wednesday, and the chance of a hike is near 100%.
By no means in historical past has the Fed ignored what the market has already decided, so a fee hike is for certain.
Nevertheless, the Fed can simply flip the tables in the course of the press convention that follows the FOMC assertion.
If Fed Chairman Jerome Powell hints at a remaining fee, the market will attempt to predict when the primary fee reduce will happen.
So, whereas a fee hike subsequent week has a detrimental affect on the greenback, the Fed could ship a dour message at its press convention. In that case, count on Ethereum to hit a brand new excessive for the 12 months.
