Following the correction experienced last week, the price movement of Ethereum, the main altcoin, has begun to recover. After that, a higher local low, which eventually cause prices to rise.
Ethereum at the time of writing traded at $1,777 on FTX exchange with a daily trading volume of $17.5 million Ethereum is up 12% for the week
Prior local resistance at $1,680, ultimately returning to a significant swing high at $1,780.
Recent price action, suggests that the cryptocurrency market is following the movement of stocks once more. On the back of unexpectedly falling bond yields over the previous week, risk assets have continued to rise.
Given the aggressively hawkish posture the Federal Reserve has taken, the market currently appears to be taking into account the possibility that inflation may decline more quickly than anticipated.