ETH price prediction remains bullish as the cryptocurrency managed to halt its early decline and remains well-offered above the $1,200 mark. The ETH was under pressure from the bearish crypto market, which had started the weekend with a 1.5 percent increase over the previous 24 hours. Ethereum was trading above $1,200 at the time. If Ethereum fails to break through the $1,230 level, it may begin a new surge.
On the other side, the Ethereum community has been quite upset by the most recent upgrade to the Infura API tool from ConsenSys. Infura will begin gathering and allocating IP and Ethereum addresses of MetaMask users as of now.
In contrast to this, the latest developments in the cryptocurrency market will improve the ecosystem for cryptocurrencies since regulators will now move quickly to provide a supportive regulatory environment for them. Moreover, the cryptocurrency market could also benefit from the central bank’s dovish stance, which suggests relaxing their monetary policies.
Although the cryptocurrency market remained calm throughout the day as the US Thanksgiving holiday began, Moving on, the investors seem hesitant to place any strong bids ahead of the long weekend.
Ethereum Price Chart – Source: Tradingview
Ethereum’s current live price is $1,215, and its 24-hour trading volume is $8.4 billion. On the previous day, Ethereum decreased by over 1%. Ethereum is now ranked second on the market, with a market capitalization of $144,905,269,425 as of today. There are 122,373,866 ETH coins in circulation, and the maximum supply is not known.
Mixed Cryptocurrency Market
The global cryptocurrency market calmed down throughout the day as the US Thanksgiving holiday was underway. The global cryptocurrency market started the weekend with a small drop of 1.5% over the previous 24 hours. The world’s largest cryptocurrency, Bitcoin, has managed to maintain its $16,000 mark. While Ethereum was trading above $1,200.
Technically, the value of both major cryptocurrencies decreased by over 2.5 percent on the day. Meanwhile, the value of other cryptocurrencies, like XRP and Tron, has increased slightly.
However, the crypto ecosystem will get some support from recent progress in the crypto market as authorities move faster to build a strong regulatory framework for digital assets. It should be noted that the Digital Decade policy project, which pledges assistance for a “pan-European blockchain-based infrastructure,” has been approved by the European Parliament. It will help organizations like enterprises and governmental bodies digitize their operations.
EU has approved the Digital Decade policy program, which will assist existing European blockchain initiatives in receiving more support to build blockchain-based public services.https://t.co/sdjItdoPos
— crypto.news (@cryptod0tnews) November 25, 2022
Meanwhile, the central banks’ less hawkish stance will have some further positive impact on the crypto market in the coming days.
#LMMarketSnippets 25 Nov 2022
– Markets surge after minutes from #Fed‘s November rate setting meeting showed a substantial Majority of policy makers agreed it would likely soon be appropriate to slow down the pace of rate hikes.
— Latin Manharlal (@lmspl) November 25, 2022
Latest Update for ConsenSys’ Infura API
The Ethereum community has been very surprised with the most recent upgrade to ConsenSys’ Infura API tool. As previously stated, Infura will begin gathering and allocating IP and Ethereum addresses of MetaMask users as of right now. This was disclosed on November 23 by ConsenSys. But the company minimized the adjustments in a blog post.
ConsenSys’ Infura API is NOT good for #Ethereum.
— Mr. Whale 🐳 whalechart.org (@WhaleChart) November 25, 2022
Weaker US Dollar Keeping ETH Price Prediction Bullish
The broad-based US dollar managed to stop its previous declining streak and edged up slightly on the day. Despite the little increase, the dollar remained close to a three-month low and is set to lose ground for the week as investors worried over the possibility of the Federal Reserve’s monetary policy tightening as early as December.
European stocks hit fresh three-month highs after minutes from the Federal Reserve’s November meeting signaled a slowdown in the pace of interest rate hikes, with investors looking for fresh cues from the European Central Bank. | @Reuters https://t.co/mcFEyPv96X
— Inquirer (@inquirerdotnet) November 24, 2022
Although the Fed’s November meeting minutes, which were published earlier this week, revealed that a majority of decision-makers concurred that it would soon be prudent to halt the rate of interest rate increases, Thus, the bearish US dollar was seen as one of the key factors that could help the ETH price limit its losses.
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