Crypto Markets On A Road to Recovery

Overall, the crypto market has shifted from “greed” to “neutral” and now it is “fear”. The world’s largest cryptocurrency, Bitcoin, is now hovering around the much-restricted levels of $25,947 as of September 13, 2023, after touching the $31,000 mark on July 04, 2023.  
On the other hand, Ethereum has also shown signs of recovery, corrected a bit and was above the $1,850 level. Ethereum which marked its highest peak since August 2022 after touching the $2,100 level in mid-April 2023. This rally was seen immediately after the successful launch of the ETH hard fork “Shapella”, which can transform the landscape of the crypto coin Ethereum and its applications. Currently, ETH is trading almost 0.99% down and forming a strong resistance at $1,850 levels. 

The cryptocurrency market gets usually volatile when it comes to announcements from the US Fed, as crypto experts closely keep an eye on such major developments which can directly impact market liquidity factors and as increasing interest rates can possibly sting equities, commodities and also cryptocurrencies. 
Earlier this month, the market witnessed massive support due to several optimistic factors such as inflation-tackling methods and the weakening dollar index in the U.S., which boosted the overall sentiments. 
However, if we observe the broader level, then the entire cryptocurrency market including BTC and ETH are showing very little signs of recovery. Moreover, ceiling and interest rate hikes in the U.S., and the inflation data had put the crypto traders in a daunting position. But now crypto markets as a whole, leading the path to resistance before the high jump. 
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