ETHUSDT is trading around 1,886 USDT following a rebound from the 1,860 level, yet the price has not managed to reclaim the 1,885–1,905 USDT resistance zone.
Macro conditions currently favor a bearish or sideways scenario, as the crypto market maintains a cautious stance ahead of tonight's US CPI release, while the DXY has edged up to around 99.86. Reuters has also noted that Bitcoin and Ether remain relatively stable leading up to this critical inflation data.
On the 1-hour (H1) chart, ETH remains below the EMA89 (around 1,894). If the rebound continues to face rejection within the 1,890–1,905 range, I lean towards the likelihood of renewed selling pressure pushing the price back to the 1,855–1,865 USDT level.
Macro conditions currently favor a bearish or sideways scenario, as the crypto market maintains a cautious stance ahead of tonight's US CPI release, while the DXY has edged up to around 99.86. Reuters has also noted that Bitcoin and Ether remain relatively stable leading up to this critical inflation data.
On the 1-hour (H1) chart, ETH remains below the EMA89 (around 1,894). If the rebound continues to face rejection within the 1,890–1,905 range, I lean towards the likelihood of renewed selling pressure pushing the price back to the 1,855–1,865 USDT level.
Trade active
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.