ETH Bulls Eye $1,700 to target $1,750 in the Zhejiang test

On Wednesday, Bitcoin (BTC) gained 2.54%. After gaining 1.34% on Tuesday, BTC ended the day at $23,723. Despite the bullish session, BTC failed to reach a new high in 2023.

After a range-limited morning, BTC slid to the bottom of Fed Chair Powell’s press conference at $22,757. BTC fell through the first major support level (S1) at $22,811 before climbing to a late high of $23,814. BTC breached the first major resistance level (R1) at $23,378 and the second major resistance level (R2) at $23,621 to end the day at $23,723.

Fed Chair Powell gave the Nasdaq a bullish midweek

On Wednesday, weaker-than-expected private sector PMI numbers and changes in ADP non-farm payrolls weighed on investor sentiment. Investor jitters ahead of Fed Chair Powell’s long-awaited press conference added to the bearish sentiment.

However, Fed Chair Powell delivered a market-friendly press conference supporting a late broad rally in the cryptocurrency market. In response, the Nasdaq rose 2.00%.

Ethereum network news contributed to ETH’s gains on Wednesday. The launch of the first public pullout test network, Zhejiang, has aroused interest. Ethereum users can simulate stack ETH withdrawals, which is a feature of the Shanghai hard fork.

For the coming day, Zhejiang test updates will provide guidance. But US economic indicators will also attract interest, with focus on US jobless claims, factory orders and basic durable goods.

After Fed Chairman Powell’s press conference, investors’ sensitivity to US economic indicators will continue. Deteriorating labor market conditions and hints of a US recession will test investors’ appetite.

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