The Ethereum price (ETH) is currently in a state of high instability at $1,670. Also, the monthly pivot for February is under a lot pressure. However, a number on-chain indicators suggest that ETH may rally, which could increase a bullish momentum, following the FOMC minutes due to be released tomorrow.
FOMC Data Acting as Catalyst
The minutes of the Federal Open Market Committee (FOMC) policy meeting will be released by the Federal Reserve of the United States on Wednesday, February 22 at 19:00 GMT. This was between January 31-February 1. The Federal Open Market Committee (FOMC), which held its first policy meeting for the year, agreed to raise the federal funds rates by 25 basis points. This brings it to a range between 4.5 and 4.75%.

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After losing the previous day, the cryptocurrency markets on February 21st 2023 had mixed results. Both Bitcoin and Ethereum saw slight price increases. The total market capitalization for all cryptocurrencies dropped by 1.79% over the previous day at the time of writing. It now stands at $1.11 trillion.
Despite this, there are clear signs that Ethereum (ETH) price is consolidating around a critical monthly resistance level. ETH has made this barrier a support floor in shorter timeframes. Investors need to wait for a decisive breakout of the pennant to confirm that the second leg of this pattern has begun. Market experts believe that tomorrow’s FOMC minutes will be positive, which lends further credence to the altcoin king’s potential rally.
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Price Action for Ethereum (ETH).
Between February 13th and February 23rd, Ethereum’s price increased by nearly 20%. The consolidation began when ETH became entangled at the $1,677 monthly resistance level. The price of Ether has been sideways for a while, producing two higher lows than two lower highs.

When taken together, the market behavior for Ethereum between February 13th and February 20 revealed a bullish pennant formation. This setup predicts a 20% increase. It can be calculated by adding the distance to the first run to the breakout moment on pennant.

If the pennant is broken at $1,720, the price target for Ethereum would be $2055. This assumes a 20% increase in the upward direction. The current price of Ethereum (ETH), is $1,667. This represents a decrease in value of 2.20% over 24 hours and an increase of 8% over seven days according to CoinGape’s crypto market tracker.
Also read: Hedera Records Massive Jump in TVL; Is HBAR Price Gunning for Bull Run?

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