Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The FOMC meeting on 31 October/1 November could induce volatility.
- A cluster liquidity existed between $1700-$1750 alongside critical open liquidity at $1813.
The US Federal Open Market Committee (FOMC) meetings are associated with significant price volatility in the crypto market. In the past three days, the market entered a range ahead of the next meeting on 1 November.
Read Ethereum’s [ETH] Price Prediction 2023-24
In particular, Ethereum [ETH] consolidated recent gains above $1700.
A previous ETH price analysis leaned towards extra gains above $1800. Although ETH experienced a slight price bounce, it faced price rejection at the previous mid-range, near $1850.
Here are the key levels to consider ahead of the Fed decision.
Will ETH stay above $1700?
Liquidity on the 4-hour chart existed between $1713 – $1758 (orange). It meant the area was crucial to traders as an entry or exit point for trade set-ups.
On the zoomed-out 4-hour chart, the recent price upswing faltered at the mid-range of $1851, the previous range formation seen in July/August. So, the crucial levels to watch out for ahead of the Fed’s decision were the $1713 – $1758 (orange) and the previous range formation levels.
Notably, over
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Author: Benjamin Njiri
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