Key takeaways
- ETH trades above $4,300, a rise of less than 1% over the past 24 hours.
- Investors are focused on Powell’s speech at Jackson Hole later today.
Ether remains resilient despite downward market pressure
The cryptocurrency market has been volatile since the start of the week, and further swings are expected over the coming hours. Traders are bracing for potential volatility ahead of Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Symposium.
Bitcoin continues to trade around $113k, while Ether trades above $4,300—up by less than 1% in the last 24 hours. Ether’s resilience has been supported by a recent JPMorgan report showing that spot Ether exchange-traded funds (ETFs) attracted $5.4 billion in inflows in July, matching inflows to Bitcoin ETFs. Since then, Bitcoin funds have seen modest outflows while Ether vehicles continue to draw capital.
The bank notes that SEC approval of in-kind redemptions for Ether ETFs could lower costs, improve liquidity, and further strengthen Ether’s positioning relative to Bitcoin.
Ether could dip below $4,200 if Powell’s tone is hawkish
The FOMC minutes published Thursday revealed a hawkish bias at the Federal Reserve, and analysts do not expect the central bank to cut rates next month. Short-term market direction may hinge on Powell’s remarks later today.
The ETH/USD 4-hour chart is showing bearish tendencies, as Ether has lost 7% of its value over the past seven days. An RSI reading of 51 indicates a neutral momentum, while MACD lines hint at a bearish undertone.
At the time of writing, ETH trades at $4,314 per coin. If the daily candle closes above the $4,232 support level, ETH could extend its recovery toward the next daily resistance at $4,488. A sustained upward move would position it to target this year’s high near $4,788.
However, with the broader market still under pressure, Ether could face a correction if its daily support at $4,232 fails. A break below that level could prolong ETH’s decline toward the next support near $3,946.