ETH recorded its first red candle of the year today, primarily driven by growing expectations that the Fed will skip a rate cut in its January 29 decision. While there have been limited sell-offs aimed at cutting losses, it’s fair to say that there is no general panic in the market. ETH inflows into exchanges remain restricted.
On the Coinbase front, while today’s drop created a weaker picture, a clear buying momentum has emerged. In this case, the strong ETF data released earlier this week played a significant role. If tonight’s ETF data leads to renewed buying pressure on Coinbase, it wouldn’t be surprising to see the trend turn upward again.
However, while the overall sentiment isn’t pessimistic, keeping risks at a minimum until Trump’s inauguration would be a more prudent strategy.
Written by onatt
