Ethereum (ETH) Price Prediction: ETH face 17% Upside Risk Amid Fed Testimony

Ethereum (ETH) price remains submissive in today’s session following two consecutive higher sessions. It seems price took a breather before taking a leap toward the swing highs of $3,057.81. Market uncertainty and volatility rule the cryptomarkets as investors await two key events.

• Ethereum’s (ETH) price remains on edge on Wednesday.
• ETH is expected to rally 17% as investors go for bargain hunting.
• A close below $2,800 will invalidate the bullish case.

Market participants will be closely watching for Federal Reserve Chairman Jerome Powell as he prepares for his two-day testimony before Congress today. Secondly, the second round of negotiations between Russia-Ukraine will dictate the market mood.

At the time of writing, ETH/USD is trading at $2,939.28, down 1.16% for the day. As per CoinMarketCap, the second-largest cryptocurrency by market cap holds the 24-hour trading volume at $18,967,477,022 with a loss of 11%.

In the latest update, the Ethereum team has announced a reduction in gas fees due to the ongoing Serenity upgrade, virtually good news for the blockchain. But ETH remains largely unfazed by the development.

ETH looks for bullish continuation

Source: Trading View

On the daily chart, Ethereum (ETH) price retraced nearly 30% from the swing highs of $3,284.75 and tested February lows at $2,300. Investors respected the demand zone extending from $2,159 and $2,300 as buying emerges near the mentioned levels.

Now, if the price sustains above the session’s high then next it would take out the critical 200-day EMA (Exponential Moving Average) at $3,246.

Furthermore, an acceptance above the mentioned moving average would aim for the January 12 highs of $3,420.08.

On the other side, a break below Tuesday’s low will initiate some fresh round of selling in the asset. The immediate downside target could be found around the horizontal support zone of $2,560.78.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) reads at 53 above the average line.

MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline but with a bullish bias.

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