ETH is facing resistance at $1,580 with focus on US statistics and earnings

On Wednesday, Bitcoin (BTC) fell by 2.14%. After losing 0.29% on Tuesday, bitcoin ended the day at $20,684. Notably, BTC ended the day below $21,000 for the first time in three sessions.

After a range-bound morning, BTC surged to an afternoon high of $21,639 before retreating. BTC first broke the major resistance level (R1) at $21,530 before falling to an afternoon low of $20,408. BTC fell through the first major support level (S1) at $20,797 and briefly through the second major support level (S2) at $20,459.

After finding late support, BTC returned to S2 to end the day at $20,684.

The US economic indicators influenced the speeches of the members of the Federal Open Market Committee

Market sentiment towards the Shanghai hard fork and reduced FTX infection risk eased on Wednesday.

US economic indicators and FOMC members’ talk led to a reversal of gains in the early afternoon, leaving Bitcoin and Ethereum in the red along with the Nasdaq Composite.

Today, corporate earnings, US statistics and FOMC members’ chatter will continue to influence the afternoon session. Netflix (NFLX) Earnings, US Unemployment Claims and Philly Fed Manufacturing Index numbers will provide guidance for the NASDAQ and the broader crypto market.

However, another session of hawkish FOMC members’ talk will also test buyers’ appetite.

The latest round of economic indicators point to an increasing chance of a hard landing, with FOMC members insisting on making inflation a target.

Crypto news updates will also have an impact. Reports of Genesis planning to file for bankruptcy will make investors fear more negative cryptocurrency market news.

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