Ether is Recovering on Dovish Fed
Ethereum (ETH) faced a weekly decline of 2.8%, trading at $3535. However, the altcoin experienced a significant drop of 16.0% to $3054 earlier in the week, nearing crucial support levels at $3000. The decline coincided with broader market trends, as Bitcoin (BTC) also saw a 10.8% decrease to $60,817 on Wednesday.
The major contributing factor to the downward pressure on Ethereum was the news of the U.S. Securities and Exchange Commission (SEC) delaying the approval of a spot ETH-ETF, which was anticipated on May 23. This announcement added to the negative sentiment in the cryptocurrency market.
However, Ethereum saw a notable recovery after the Federal Reserve hinted at potential interest rate cuts in June, despite ongoing concerns about inflation. The Fed's assurance regarding monetary policy provided a sense of relief to investors, leading to a market-wide rebound.
With the Fed's announcement, Ethereum has an opportunity to regain momentum and potentially reach $4000 per coin if it can surpass the resistance level at $3500.
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