ETH bounced off an important level, however, recovery still seems like a far fetched dream. The reason for this could be the latest FOMC meeting that could have led to investors to tread lightly.
Federal Reserve’s interest rate announcement adds a layer of uncertainty.bears brought the price down. This week the market has so far slid lower, and notably to a level where we may yet again start to see the return of some bullish momentum.ETH exchanged hands at $1,852 at press time and its current range may act as a pivot range. This is because the recent sell pressure pushed the price down to an important consolidation zone. More importantly, the same price zone sits on the 0.
The Money Flow Index’s dip, then sideways action adds to the uncertainty. On-chain data also revealed thatAs such, the network growth has also tanked to a monthly low. This reflected the lower transaction count on the network, in line with the observed slowdown in the market.Glassnode’s latest data revealed that Ethereum’s median gas usage is now at a four-month high. We usually see higher gas fees during periods when the network experiences more demand, and usually as prices go higher.
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