Ethereum price is holding steady near its all-time high as investors reflect on the Federal Reserve interest rate decision. They are also reflecting on ETH spectacular rally since its price has jumped by more than 168% from July. The rally has brought its total market capitalization to more than $540 billion.
ETH Spectacular rally
Ethereum is one of the most important platforms in the blockchain industry. It is a second-generation platform that is used by developers of all sizes to build and deploy decentralized applications (dApps) and decentralized autonomous organizations (DAOs). It achieves this through its powerful smart contracts.
Ethereum has been used to build some of the best platforms in the industry. Think of Decentralized Finance (DeFi). Ethereum has been used to build some of the biggest DeFi platforms in the world like Maker, Compound, and Aave. In total, according to DeFi Llama, these applications have a total value locked (TVL) of more than $170 billion.
Meanwhile, Ethereum has been used to develop some of the best-known cryptocurrencies in use today. For example, it is the technology that developed Shiba Inu, the 11th biggest cryptocurrency in the world. It was also used to build Decentraland, the fast-growing metaverse platform. Ethereum is also a major player in the Non-Fungible Token (NFT) industry.
The Ethereum price soared to an all-time high this week as investors cheered the strong performance of the metaverse industry. This is an industry that allows people to develop, engage, and trade in the virtual ecosystem.
Just last week, Facebook announced that it will rebrand into Meta Platform as it seeks to benefit from the industry. Microsoft is also moving into the industry. Analysts expect that Ethereum will benefit as this industry grows.
Meanwhile, Ethereum price is holding steady as investors reflect on the Federal Reserve decision. The bank decided to tighten its monetary policy as the economy recovers.
Ethereum price forecast
Turning to the daily chart, we see that the ETH price is trading at $4,515, which is slightly above the key resistance level at $4,380. The price is a few points below its all-time high of $4,667. It is also being supported by the 25-day and 50-day moving averages. Notably, it has also formed a cup and handle pattern and is forming what is known as a break and retest pattern.
Therefore, Ethereum price will likely keep rising as bulls target the next key resistance level at $5,000. This path will not be smooth as investors reflect on the tightening Fed. However, in the next few weeks, there is a path for the coin to reach that level.
