stimulus to support the US economy. This could have a significant impact on the value of cryptocurrencies like Ethereum.
Another key event is the release of the non-farm payrolls (NFP) data on Friday. This data will provide insights into the state of the US labor market and could impact the value of Ethereum and other cryptocurrencies.
In addition, investors will be closely watching the consumer inflation numbers, which will be released on Wednesday. Rising inflation could lead to higher interest rates, which could negatively impact the value of Ethereum and other cryptocurrencies.
Bearish flag pattern
On the technical front, Ethereum price has formed a bearish flag pattern on the four-hour chart. This pattern is typically a bearish signal and could indicate that ETH is likely to experience a significant price drop in the near future.
If this pattern plays out, Ethereum could crash to the next support level at $1,500. This would represent a significant drop from its current price of $1,566.
Investors are advised to closely monitor these key events and technical indicators to make informed decisions about their Ethereum investments.
