How the FOMC Statement Could Impact Ethereum

Ethereum is edging up, and has attained the $2500's once more. The rally looks encumbered, and we are seeing red triangles on the KRI at every step of the way to confirm the resistance here. The Kovach OBV is still relatively flat, suggesting there is not much momentum here. All eyes are on the FOMC statement this afternoon. Note that a rate hike is largely priced in, so if/when it comes, then global markets should see a relief rally. This could take us easily back to the $2600's or $2700's, with $2651 or $2762 as likely targets. If things turn for the worse, we should have support at $2232 or $2143.

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ETH hits our first target of $2651!