Gloomy expectations demanding the start of an expanded bear market may be premature as prices appear to be improving on 26 January following a signal from the US Federal Reserve that interest rates will remain close to 0% for the time being.

Following the Fed’s announcement, prices in the cryptocurrency market began to rise, with Bitcoin (BTC) up 4.11% and sharply up to $ 39,000. This triggered a wave of momentum that helped lift most of the coins in the market, but in writing Meanwhile, the price of BTC has dropped to $ 37,000.

Data from Cointelegraph Markets Pro and TradingView show that the mother coin of Ethereum’s best smart contract platform, Ether (ETH), also reacted positively to the bullish sentiment as the price rose 8.11% on the 24-hour chart to reach a daily high. The price is 2723 dollars.

ETH / USDT 1-day chart. Source: Trading View
Here’s what many market analysts have to say about Ether’s price action and where the top altcoin can go in the short term.

Ethereum made a “nice 12% decline” from the recent lows.
A short-term analysis of Ether’s price behavior was provided by crypto trader and Twitter user CryptoAmsterdam, who posted the following chart, showing the likely movement of Ether’s price in the near future.

Time-based ETH / USDT chart. Source: Twitter
CryptoAmsterdam noticed a “nice 12% bounce” in Ether’s price “after the coup”, and warned that “there will be no green hunting here.”

CryptoAmsterdam sa:

“We will look for a potential short-term reversal of the bias if we go back below the upper range of the lower timeframe and break this small trend line.”
bottom pattern on the aerial map
Insight into the state of Ethereum was provided by options trader and Twitter user John Wick, who posted the following chart showing the formation of a bottom pattern on the Ethereum chart.

ETH / USD on the 4-hour chart. Source: Twitter
Wake on:

Ethereum shows the same bottom pattern when trying to break out of the resistance area. He needs to watch the BTC rally further before an outbreak. ”
RELATED: Altcoins Gets 40% After Entering Bitcoin, The Cryptocurrency Market Is Growing

Ethereum Bulls needs to restore support for $ 2,850
The final analysis of the key levels to track progress was shared by crypto trader and Twitter user TheCryptoCactus, who posted the following chart, showing key areas of support and resistance, as well as an area of ‚Äč‚Äčintense growth.

Two-day ETH / USD chart. Source: Twitter
According to TheCryptoCactus, those who “missed the bottom” are well positioned to “secure easily” at these levels, but the trader warned that “proper support / resistance of $ 2,850” is needed next time.

TheCryptoCactus sa:

“Personally, we prefer to wait until we turn $ 3,000 into support again and then place a large position.”
The total market value of cryptocurrency is currently $ 1.734 trillion, with a bitcoin dominance rate of 41.5%.

Source: CoinTelegraph

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