Ethereum (ETH) Price Analysis: Potential Rally After FOMC Minutes Release

The current price of Ethereum (ETH) is experiencing a period of instability, hovering around $1,670, and facing pressure on its monthly pivot for February. However, several on-chain indicators suggest that ETH could potentially rally, leading to a bullish momentum following the release of the Federal Open Market Committee’s (FOMC) minutes.

The FOMC data, scheduled for release on February 22, is expected to act as a catalyst for the cryptocurrency market. The Federal Reserve of the United States will release the minutes of the FOMC’s policy meeting held between January 31 and February 1, which resulted in a 25 basis point increase in the federal funds rate, bringing it to a range of 4.5 – 4.75%.

Although the cryptocurrency market experienced mixed results on February 21, with slight price increases for Bitcoin and Ethereum, market experts anticipate a potential rally for the altcoin king after the release of the FOMC minutes. The total market capitalization of all cryptocurrencies has dropped by 1.79% from the previous day, placing it at $1.11 trillion.

Despite this, there is a clear indication that the price of Ethereum (ETH) is consolidating around a crucial monthly resistance level. Although ETH has turned this barrier into a support floor on lower timeframes, investors need to wait for a decisive breakout from the pennant to confirm the start of the second leg of the pattern.

Between February 13 and February 23, the price of Ethereum increased by almost 20%, reaching a consolidation point at the monthly resistance level of $1,677. During this period of sideways movement, ETH has constructed a pennant pattern with two higher lows and two lower highs, anticipating a 20% upswing. A decisive breakout from the pennant around $1,720 could lead to a price goal of $2,055 for Ethereum.

As of now, the price of Ethereum (ETH) is trading at $1,667, representing a decrease of 2.20% over the past 24 hours, in contrast to an 8% increase over the last seven days, according to CoinGape’s crypto market tracker.

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