Today, Ethereum showed significant growth, rising nearly 12% and testing the $3,400 level. This increase was anticipated due to stable closures above $3,050.
Possible Consequences of Powell's Departure
Discussions about the potential removal of Fed Chairman Jerome Powell are negatively affecting the cryptocurrency and stock markets. Despite initial rumors, Trump dismissed plans to oust Powell, leading to market stabilization.
Ethereum's Momentum
Ethereum is approaching a crucial resistance level at $3,522. Holding support at $3,340 gives Ethereum a chance to test $3,743 and $4,072. The cryptocurrency shows strong upward movement, but there are concerns this momentum may not be long-lasting.
Crypto Market Prospects
Some experts predict that if Powell is removed, it could undermine trust in the Fed's independence, negatively affecting cryptocurrencies. Nonetheless, the market is showing strength, indicating investors may be seeking alternatives to traditional assets.
Ethereum's rise amidst possible changes at the Fed highlights how political events can impact the cryptocurrency market. Investors remain vigilant of the economic situation and potential shifts in federal policy.
