The world’s second-largest cryptocurrency by market capitalization continued above traded modestly throughout the weekend.
Ethereum traded around the $1,678 level on Saturday and refused to go below $1,618 the next day. As of right now the asset is worth around $1,645 and is on a 1.67% increase during the last 24 hours.
The currency appears to have had a better weekend than its fellow major crypto, Bitcoin. While ETH appeared to trade sideways over the past couple of days, Bitcoin once again fell from the $23,000 resistance zone on Saturday.
Powell is To Appear in an Interview on Tuesday
After picking up traction following the interest raise report last week, the crypto market is currently on hold. The chairman of the Federal Reserve, Jerome Powell, is scheduled for an interview with David Rubenstein at the Economic Club of Washington, D.C. on Tuesday.
The anticipations for what kind of statement the Fed chairman can provide about the future of American interests, and how far the nation is from a recession made the crypto market trade cautiously since Friday.
CPI Index On The 14th
On top of that, the market is also anticipating the upcoming Consumer Price Index report, scheduled for February 14.
This month’s CPI report will undoubtedly be one of the most anticipated reports of the month. On that date, investors will have a better idea of whether the Federal Reserve’s continuous interest raises are causing an impact on the country’s battle against inflation.
Last week, at an announcement at the end of January’s FOMC meeting, Poweel announced an interest rate raise of 0.25%.
If the upcoming CPI report indicates that inflation is decreasing slower than expected, that could lead the Fed to go back to higher raises, (during 2022 it reached as high as 0.75%).
However, if the report results in a more favorable playing field, riskier assets like Ethereum would then justify January’s rally, and most likely continue its climb throughout February.