Ether is setting for the rebound after Powell

Crypto markets are starting to rebound after a relatively soft message from Jerome Powell during the press conference yesterday. The interest rate for the US was left unchanged, which was not a surprise.

In general, traders discount three interest rate declines for 2024, as inflation persists, but is expected to move down before summer season. The volatility of crypto markets is substantial with major benchmarks (Bitcoin and Ether) correcting for around 15% from achieved peaks, but trending activity tends to last longer than anyone wound expects.

After the first initial pullback, ETHUSD may develop an upswing and provide a decent timing and trade location. The position of the price at the bottom of the 50-period Bollinger Bands gives a rational entry point within a day, whereas the second day of the recovery provides an interesting early entry on the daily structure.

Don't forget to manage your risk at all times!