Ethereum (ETH) was down 0.66%. ETH partially reversed the 2.95% gain from Tuesday, ending the day at $1,353.
Tracking the broader market, ETH surged to an early morning high of $1,365. When ETH failed to reach the first major resistance level (R1) at $1,382, ETH fell to an early afternoon low at $1,317. ETH fell through the first major support level (S1) at $1,331 before a late partial recovery to end the day at $1,353.
The Fed’s concerns resurfaced Wednesday, with better-than-expected US economic indicators testing investor appetite. But while the probability of a rate hike increased by 75 basis points, investor fears of a recession eased to support the partial recovery.
Later in the day, US jobless claims and FOMC member speeches should be considered ahead of Friday’s release of the US non-farm payroll. While the BTC Fear & Greed is out of its extreme fear territory today, we expect the NASDAQ 100 to have an impact.
Bitcoin (BTC) Price Action
At the time of writing, BTC was up 0.28% at $20,212.
A bullish start to the day saw BTC rally from an early drop of $20,151 to $20,455 before pulling back. The first major resistance level (R1) at $20,429 reinforced the early upside.