$ETHUSD - Reducing volatility

ETHUSD

Despite ETHUSD being on an uptrend in the past few months, we can see that the volatility is declining due to the narrowing of the volume oscillator indicator. This could be a sign of reducing volatility and traders are undecided at the moment.

Near term, the trend line seems to be positive as it is recovering from its low of ~$1,500. Even then, I am cautious of the price if it falls below the support level which may create a new low.

Key issues to watch out for which may push ETHUSD prices higher;
- Further increase in interest rates by the FED
- Further deterioration of the banking crisis

News supporting the price - ETH as a commodity
"The Commodities Futures Trading Commission (CFTC) has recently recognized Ethereum (ETH) and Litecoin (LTC) as commodities, in the same way that Bitcoin is. This means that Ethereum (ETH) and Litecoin (LTC) are seen as trading assets, similar to gold or oil. The CFTC issued this statement as part of an investigation into Binance, a well-known cryptocurrency exchange. - cryptonews"