Ethereum Reaches 90-Day High as Crypto Market Monitors Fed’s Movements
• Ethereum (ETH) started off 2021 with a strong performance, having reached a 90-day high of $1,674 on Jan. 21.
• Factors such as the Federal Reserve’s decision on interest rate hikes and inflation levels could potentially impact ETH’s price.
• Ethereum has become the go-to platform for developers, entrepreneurs, and investors due to its wide range of capabilities and its resilience over time.
At the start of 2021, Ethereum (ETH) has been experiencing a period of growth. After kicking off the new year at $1,192, ETH surged to a 90-day high of $1,674 on Jan. 21, representing an increase of 40.43% YTD (year-to-date). As of Jan. 30, ETH was trading at $1,572, down 6.09% from its 90-day peak. This surge in Ethereum’s performance has been welcomed by the crypto community, with many investors and developers turning to this digital asset as an investment opportunity.
The crypto market is currently monitoring the Federal Reserve’s decision on interest rate hikes. It is expected that the regulator will retain its stringent measures to keep the economy in check. However, most analysts anticipate a 25-basis points increase, which is lower than the December hike of 50-basis points. This hope for moderation has been supported by the slight decrease in overall inflation in December, bringing it down to 6.5% from the 7.1% registered in November. As the Federal Reserve adjusts its policy tools to respond to economic trends, the crypto market will be monitoring any potential impact that this may have on digital assets such as Ethereum.
Ethereum has become the go-to platform for developers, entrepreneurs, and investors. It offers a wide range of capabilities, from decentralized finance (DeFi) to gaming and data storage, making it the platform of choice for many. It has established itself as a reliable and versatile digital asset, allowing users to take advantage of the latest technological advances while still remaining secure. The blockchain-based platform has also demonstrated its resilience over time, withstanding market volatility and proving its worth to investors.
As the project progresses, Ethereum is expected to continue to grow in popularity and value. As such, the Ethereum price analysis indicates potential gains in 2023. With the Federal Reserve’s decision on interest rate hikes and inflation levels potentially impacting ETH’s price, investors are keeping a close eye on how the digital asset will settle throughout the year. It is expected that Ethereum will remain a key player in the crypto market and will continue to offer investors a secure and profitable investment opportunity.