Crypto analysis: Ethereum(ETH) shows 3.3% price jump, after Fed rate cut

 Crypto chart analysis: (ETH)

Ethereum (ETH) is up 3% on Friday following a recent report by Steno Research that the Federal Reserve (Fed) rate cut earlier in the week would spark an ETH rally similar to its performance during the last altcoin season.
Crypto analysis
ETH chart analysis

 Ethereum is currently trading around $2,564, showing a 3.3% increase. ETH has seen $25.3 million in liquidations in recent times. These liquidations include $9.67 million from long positions and $15.63 million from short positions. Ethereum is trying to correct its price on the 4-hour chart, nearing the $2,595 resistance level.

On the downside, Ethereum might hover around the 100-day Simple Moving Average (SMA) before retesting the $2,595 resistance level. If Ethereum successfully moves above this level, it could aim for the next resistance at $2,817. This $2,817 price has been a significant resistance since the market crash on August 5. It also served as a key support level for over four months after Ethereum's decline from its yearly high in March.

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Crypto analysis: August NFP data impact on Ethereum price


Crypto analysis


If Ethereum drops below the 100-day SMA, it could find support around $2,395. If the bulls can defend this support level, it might indicate a growing bullish trend. The 4-hour Relative Strength Index (RSI) and Stochastic momentum indicators are currently moving down from their overbought regions at 70 and 80, respectively.

In the short term, Ethereum could rise to $2,572, potentially leading to liquidations worth $39.68 million. This upward movement could help balance the market and provide new opportunities for traders and investors.

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