Ethereum is bullish today, gaining nearly 3% in the last 24 hours. At the time of writing, ETH was trading at $1,200, according to data from CoinGecko. The total crypto market cap is up to around $869 million today.
Ethereum price analysis
In the last 24 hours, Ether has traded between $1,154 and $1,214, indicating low volatility. The token made a notable uptrend yesterday but was rejected at the $1,227 level. The token is currently struggling to hold the $1,200 support level.
If ETH sustains the current uptrend, it will likely break past the next resistance at $1,240. A break out past this level will take Ethereum to $1,290, after which the target price of $1,300 will be set.
Ethereum has been rejected at the $1,200 level severally, and it is finding support at $1,190. If it breaks below this level, it will drop to $1,160. Increased selling pressure could also take Ether below $1,100.
Ethereum has a Relative Strength Index (RSI) of 54, indicating that the trend is slightly bullish. However, Ether needs market support to break higher.
FOMC minutes are bullish
The Federal Reserve has released the minutes of a meeting held earlier this month. The minutes show that the participants agreed that the future interest rate hikes need to be small to assess the effects of the policy on the economy.
The Fed has raised interest rates by 75 basis points four consecutive times. The sentiments made by the Fed officials echo what most analysts had previously said that the next FOMC meeting would yield a 50 basis points hike.
The cryptocurrency market has been affected by the aggressive interest rate hikes by the US Federal Reserve this year as investors have moved away from risk assets. Therefore, ease in interest hikes is bullish for Ether and the entire market.
Three Ethereum-based tokens to buy today
As the price of Ether consolidates, investors are looking for the best ERC-20 tokens to buy. Some of the best crypto presales to invest in today are Dash 2 Trade, RobotEra, and IMPT.
Dash 2 Trade is a crypto trading intelligence platform that will give investors access to real-time analytics and social trading data. The Dash 2 Trade presale has raised more than $6.94 million. The presale is currently in the third stage, which will end after $8,757,000 has been raised. After the nine presale stages are over, D2T will be listed on the LBank and BitMart exchanges.
RobotEra is an Ethereum-based Sandbox-like metaverse. An alpha version of this metaverse will be released during the first quarter of 2023. Players that join this metaverse will create and play as robots and have a chance to create a virtual world comprising NFT land, constructions, and other items. The TARO presale has raised more than $198,000.
The third presale is where you should also invest in IMPT. IMPT is a marketplace for carbon credits running on the Ethereum blockchain. This marketplace allows users to earn and trade NFT carbon offsets after shopping with green brands. The IMPT presale has already raised more than $13.18 million.
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