Ethereum Spikes Above $2,700 After Fed Announcement, What Now?

Ethereum has moved above $2,700 following the Fed announcement yesterday. The highly anticipated meeting had been concluded, coming out that the Fed had increased interest rates by 0.25%. Ethereum has responded positively to the news and had rallied out of the slump it had been in since the last dip. Now the digital asset sits above $2,700 but it is still far from stable at this price point. What The Rally Did Ethereum’s rally on Wednesday was a welcome one, showing more bullish tendencies towards cryptocurrencies following the Fed’s decision. After completely smashing the $2,522 resistance point, the digital asset is on to test much bigger resistance points. This resistance being mounted by bears just below $2,800 has seen ETH ricochet back down. Related Reading | Small Cap Altcoins In The Green In Pre-Spring Crypto Surge Nevertheless, the recent rally has set the digital asset on a bullish path, even if just in the short term. It is now trading above the 20-day moving average, meaning sentiment towards purchasing the asset at these prices is shifting towards the positive. Indicators point towards significant support forming for the cryptocurrency just above the $2,600 level. But at its current price, the next resistance point lies at $2,839. A simple break above $2,800 would make easy work of this as this is the position that bears need to hold. Otherwise, a fall would send the digital asset once more to the $2,600 leve...