Ethereum Price Prediction: Why is Ethereum price down today

Ethereum ETH Price Prediction: How Will Fed Rates Impact $ETH Prices?

• Ethereum bulls failed to sustain above $4000 level for long, leading to a strong pullback amid the Bitcoin price drop under $104,000. 

• Ethereum price has declined 5.75% from its Monday high of $4,109 this week after the altcoin formed a bearish engulfing pattern on the daily chart.

• The Federal Reserve is scheduled to announce its interest rate decision during its meeting on Wednesday. 

• This is ETH’s third rejection at $4,000 in 2024, a level proving to be a strong weekly resistance during the past two attempts earlier this year.

• The $4,0000 weekly resistance has been tested five times since 2021 and thrice in 2024, but a bullish breakout above the level has eluded Ethereum.

• Despite immediate bearish sentiments, Ether’s market structure has maintained an uptrend with higher highs (HHs) and higher lows (HLs).

• Data from CoinGlass indicated that Ethereum’s future open interest reached a new all-time high of $28.70 billion on Dec. 17.

• While most futures traders have targeted long positions throughout November, the current sentiment might be turning momentarily bearish.

• If Ethereum Fails to breach and close above $4100 level then can retracement before reversing its trajectory towards $3500.

• If Ethereum bulls sustain above $4000 level then further upside to new all-time highs around $5,000 can be seen.