Ethereum

FOMC

Wrapped Bitcoin

Bitcoin

<ul> 
 <li><strong>Investors are waiting for this week’s CPI data to confirm the market trend.</strong></li> 
 <li><strong>The ETH price has recently broken the key support level at $1600.</strong></li> 
</ul> 
<p>All eyes are on the upcoming U.S CPI and PPI inflation release this week. It will set a benchmark for the FOMC to decide over the interest rate decision. Any favorable call will act like a strong catalyst boosting overall market sentiment. It can possibly lead to a much-needed market-wide recovery.</p> 
<p>As the job market has cooled and the unemployment rate has increased, the U.S <a href="https://thenewscrypto.com/bitcoin-news-fed-chair-jerome-powell-hints-at-potential-interest-rate-hike/" target="_blank" rel="noopener noreferrer nofollow">Fed</a> is likely finished raising interest rates. As September is often the worst month for markets, investors are waiting for this week’s CPI data to confirm the market trend.</p> 
<p>A whale recently made headlines by trading a huge amount of Ethereum for Bitcoin. Wrapped Bitcoin (WBTC) is a tokenized form of Bitcoin that operates on the Ethereum network, and the whale exchanged 5,500 ETH for 344.1 WBTC. Valued at over $8.85 million, this deal was substantial.</p> 
<h3 class="wp-block-heading" id="h-bear-dominance">Bear Dominance</h3> 
<p>In recent weeks, <a href="https://thenewscrypto.com/ethereum-eth-price-prediction" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> has been the subject to high volatility. Ethereum’s price has dropped 2.92% in the last 24 hours and is trading at $1591 as per data from CMC.&nbsp; The present market sentiment may be attributed to both the upcoming release of the consumer price index and the SEC’s delayed ruling on spot Bitcoin ETFs.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1-1.png" alt="" class="wp-image-82088" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1-1.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1-1-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>When examining the ETH price chart in more detail, we see that the price has recently broken the key support level at $1600. The price is likely to decline further all the way till the next support level of $1435. If this support is also breached then the price will likely test the $1100 support level. A severe downturn is on the cards if the price holds below the $1600 mark for a sustained period.</p>

Ethereum Price Breaks Key Support Level; Severe Decline Likely?

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