- Ethereum value lags behind rival cryptocurrencies
- If Ethereum follows Bitcoin, a brand new annual excessive could also be in sight
- Subsequent week’s Federal Reserve assembly can be key for the US greenback
The cryptocurrency market rebounded strongly in 2023. After a disappointing 2022, the bull market is again as Bitcoin and different main cryptocurrencies rallied exhausting.
For instance, Bitcoin is up 81.86% year-to-date, whereas Ripple is up 137.53%. In comparison with the 2, Ethereum’s value has lagged behind, and one would possibly say that it has “solely” elevated +58.37% this yr.
In different markets, such income are thought of actually not possible. Nonetheless, that’s not the case within the cryptocurrency market. Wealth is constructed (and misplaced) within the cryptocurrency market virtually in a single day.
So, can you purchase Ethereum simply because it does not have the momentum in comparison with its friends? Moreover, will Ethereum hit new highs this yr, following Bitcoin?
Ethereum Charts by TradingView
Fed to boost fund charges once more subsequent week
Subsequent week can be a decisive week for the US greenback’s short- and medium-term outlook. The Federal Reserve is about to make a financial coverage choice subsequent Wednesday, with a close to 100% likelihood of a price hike.
By no means in historical past has the Fed ignored what the market has already priced in, so price hikes are sure.
However the Fed may simply flip the tables at its post-FOMC press convention.
If Fed Chairman Jerome Powell hints at a ultimate price minimize, the market will attempt to predict when the primary price minimize will happen.
So whereas subsequent week’s price hike is hawkish for the greenback, the Fed may ship a dovish message at its press convention. If that’s the case, Ethereum is anticipated to hit new highs this yr.
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