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Bitcoin and Ethereum Price Prediction: Fed Chairman’s Speech Today

On January 10, the Bitcoin (BTC) extend its upward trend and breached the $17,200 barrier, quoting $17,245 up slightly from yesterday. Likewise, Ethereum exceed $1,300, at $1,317 and up nearly 1% in one day. Market participants, however, are still awaiting the release of US inflation data this week.

Meanwhile, the value of other well-known cryptocurrencies, such as Dogecoin (DOGE), Ripple (XRP) and Solana (SOL), has increased. The next level of resistance for Bitcoin would be $17,400, with $17,050 serving as a support level if the uptrend continues. However, the main reason for BTC’s rise could be attributed to lower inflation expectations than expected, which is encouraged for cryptocurrency investors.

The cryptocurrency market as a whole is still stable, Bitcoin and Ether quick a slight increase after a big gain yesterday.

In the meantime, current favorable macroeconomic conditions also contribute to the growing value of cryptocurrency assets, which can be a long-term positive sign for the market.

Federal Reserve Chairman Jerome Powell speaks

Markets will follow today speech by Federal Reserve Chairman Jerome Powell to obtain monetary policy indices. Powell is due to speak at a banking conference in Sweden.

During his speech, Powell is expected to bring more information on the path of interest rates and economic growth. Markets will look for changes in the Fed Chairman’s combative tone, especially in light of mounting evidence that US inflation is slowing.

After a significant rate hike hurt markets in 2022, the prospect of a less aggressive Fed should bring a much-needed reduction to cryptocurrency markets. Indeed, after sustained increases, a Fed should raise rates more moderately in the coming months, bringing some slowdown to the market.

This week will also see the release of December data on US consumer inflation.

Weaker US Dollar Supports Crypto Market

Apart from this, the weakness of the US dollarwhich fell on speculation that the Federal Reserve could drive the rate hikes, was a important factor in favor of Bitcoin.

The U.S. dollar pulled back nicely, approaching its lowest level in seven months, as data suggested the Federal Reserve could slow down its rate hike program. Following the Fed’s aggressive rate hikes the previous year, markets lost faith in the need for the Fed to raise interest rates above 5% to reduce inflation. Investors anticipate a rating peak of around 5% by June.

Whether the u.s. dollar remains in retreat in the currency market, this will favor cryptos and in particular the Bitcoin which would then have progressed.

Bitcoin price

the Bitcoin is currently trading at $17,245, with a 24-hour trading volume of $18 billion. Bitcoin is showing a slight bearish correction after trying to breach the $17,400 resistance zone.

Now it has immediate support at $17,200. The upward crossing of the $17,200 level must now driving the price of Bitcoin to the next resistance level of $17,400.

Bitcoin formed a bearish engulfing candle on the 4-hour time frame, indicating that the market may undergo a bearish correction before showing a new buying trend in BTC.

Bitcoin price chart – Source: Tradingview

On the downside, the $17,000 level is likely to act as immediate support, and a break below this threshold may extend the downtrend to the next support level at $16,800 or $16,650..

The price of Ethereum

the current ethereum price is of $1,317, with a 24-hour trading volume of $5.8 billion. On the 4-hour timeframe, the ETH/USD pair is facing strong resistance near the $1,320 level, with a double-top setup.

An upward crossing of the $1,320 level may pushing ETH price towards the next resistance zone of $1,340. The close of bullish candles above the $1,300 trading level reinforces the chances of a good uptrend.

Ethereum price chart – Source: Tradingview

On the downside, ETH price could find support near $1,275, and a break below this level could open the door for more selling towards a price action of $1,260. the bullish bias remains however still dominant today, so consider look for buying opportunities now.

Other high-profit cryptos

The global cryptocurrency market is uncertain, but a few new cryptos are making headlines. Let’s explore the possibility of taking advantage of it!

Fight (FGHT)

The platform To fight (FGHT) works the same way as a athletic trainer staff, except that the FGHT token is the reward awarded for exercise periods. All activities are recorded and can be used to improve the statistics of his metaverse avatar. The possibility of earn FGHT tokens adds an extra incentive for people to stay healthy and exercise while enjoying the benefits of blockchain technology.

Despite the general lack of liquidity in the cryptocurrency market, Fight Out has been successful and successful with investors. Thanks to its token sale, which started last week, it has already been raised over $2.8 million. The current sale price is 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) but this will increase fur and as the sale progresses.

Trade Dash 2 (D2T)

Dash 2 Exchange which will be launched in early 2023, will be a Ethereum-based platform that provides real-time statistics and social trading data. Among the initial features will be trading signals, on-chain statistics, strategy-building tools, and news feeds, allowing both novice and expert traders to stay on top of the volatile bitcoin market.

D2T will also be available on Changelly Pro, LBANK and BitMart. Dash 2 Trade has now raised a remarkable $15.1 millionwith only ten hours until the platform’s native D2T token is listed on, the first in a series of centralized cryptocurrency exchanges to mister this crypto.

C+Load (CCHG)

C+Load (CCHG) is a peer-to-peer payment system based on Binance Chain for electric vehicle charging stations (VE). Its aim, which should start in the second quarter of next year, is to increase access to carbon credits by rewarding consumers who charge their electric vehicles at its terminals.

The platform has already struck a deal with Perfect Solutions Turkey, which added 20% of Turkey’s EV chargers to its network, indicating how quickly it could grow. 1 CCHG is currently sold at $0.013 and can be purchased with BNB or USDT. The presale has already raised over $234,000.

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Crypto news

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