Ethereum pushes for key support, but this AI-related crypto could explode

After its rally on July 13-14, which resulted in a high of $2028, the price of Ethereum began to correction which is still relevant this Sunday morning, after the cryptocurrency marked low at $ 1854 Saturday evening, a fall of more than 8.5% in 9 days.

First of all, recall that last week the ETH rally came in response to the partial victory of it Ripple against the SECJustice after considering that XRP is not a security when exchanged on crypto platforms.

Optimism on Ethereum diminishes as traders worry about the Fed

The move lifted the entire cryptocurrency market, fueling optimism that less strict regulation digital assets in the United States. Once the euphoria wore off, however, profit-taking quickly pushed Ethereum back below the $2,000 threshold, and losses mounted during the week that was about to end.

Looking forward to next week, the attention of crypto traders will be mainly focused on the dietary meeting Wednesday night, which is expected to result in a rate hike of 0.25%, with investors considering a probability of more than 99% for this scenario.

On the other hand, there is considerable uncertainty regarding the possibility of a another rate hike before the end of the year, as well as the one coming up on Wednesday. Therefore, traders in the crypto market and elsewhere will be watching statements from the central bank and its chairman for any hint of the Fed’s intentions in the coming months.

FOMC tilt in favor of more rate hikes would benefit the dollar, and would add weight to risky assets such as Ethereum. On the other hand, if the Fed signals that the rate hike is over, the hike should win over the speculative markets.

ETH/USD push key support

From the point of view of technical analysis, it should be noted that it is always possible to uptrend line which has been extending since the end of June on the ETH daily chart.

On the other hand, Ethereum is currently actively testing its 100 day moving average ($1865), and a break below this indicator would put the $1800 threshold in sight, ahead of the 200-day moving average at $1755.

In case of a reversal in ETH/USD, it will be necessary to a first resistance chart towards $1935/1950, before the $2000 major low, then the recent high at $2030. Then the $2100 threshold and this year’s high of $2140 will be applied.

In summary, the profile of the Ethereum chart is getting worse and worse, and the FED meeting next week is the same as critical risk should keep traders on the fence for the next few days, at least when it comes to major cryptocurrencies.

However, it should be noted that the most enlightened crypto investors often use these periods of general uncertainty in the market to take interest young crypto projects in the pre-sale phase, and whose potential success is linked more to the intrinsic qualities of the projects than to the market trend.

In this regard, a new cryptocurrency is in the pre-sale phase recently draws our attention. This is yPredict. More than another cryptocurrency, it is actually a complete crypto project.

New Crypto yPredict Gets Attention as ETH Struggles

In fact, yPredict is a cryptocurrency trading platform with the help ofArtificial Intelligencee. The project has AI, machine learning, and trading experts in its team to deliver a comprehensive set of trading tools that enable crypto traders to make better decisions in the markets.

🚀 Discover the power of decentralized prediction markets with #yPredict! 🌐🔮 Join our ongoing and secure pre-sale #YPRED tokens at $0.10 before the price rises to $0.11 in the next step, and finally $0.12 on listing. 80% of tokens allocated to pre-sale – act fast!… pic.twitter.com/IEWY3YEk9F

—yPredict.ai (@yPredict_ai) July 20, 2023

Among them are AI trading signals, a model ofsentiment analysis in real time, an automated technical analysis tool, and an automatic detector of graphic figures.

The yPredict project has its own token, YPRED, which is necessary to hold in order to take advantage of the benefits of the platform. In addition, yPredict pays back YPRED holders 10% of subscription fees new customers.

In addition to showing great upside potential, given the early stage of the project and its exciting goals, the YPRED token is thus a way to earn money. passive income with cryptocurrencies.

Finally, it should be noted that the YPRED token is currently in the 7th stage of its presale, and it can be obtained at a price of $0.1 per token, ie 20% less than the expected price of $0.12 when it becomes available on major crypto exchanges.

Therefore this is an opportunity to first mover advantagebuying yPredict before the general public begins to take a closer look at this very ambitious, and particularly relevant, crypto project.

Cryptoassets are a risky investment.

Source: yPredict

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This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can result in significant losses. You should only invest what you can afford to lose and do your own research before making any investment decision.