ETHUSDT is trading around 1,890 USDT; while it has staged a slight recovery following a sharp drop, it has yet to reclaim higher price levels. Reuters reports that Ether has seen only modest gains as the market awaits tonight's US CPI data.
Macroeconomic factors currently favor a bearish scenario, with the DXY edging up and investors remaining cautious ahead of the inflation figures. Should the CPI exceed expectations, expectations of a Fed rate hike could resurge, placing further pressure on the cryptocurrency market.
On the 1-hour (H1) chart, the 1,887–1,903 USDT range is acting as a "sell zone," while the EMA89 near 1,894 continues to exert downward pressure. If ETH attempts to rally but faces rejection at this level, I lean towards the price retracing to the 1,855–1,865 USDT range.
Will the 1,900 level continue to hold the line for the bulls, or will tonight's CPI data trigger a breakout?
Macroeconomic factors currently favor a bearish scenario, with the DXY edging up and investors remaining cautious ahead of the inflation figures. Should the CPI exceed expectations, expectations of a Fed rate hike could resurge, placing further pressure on the cryptocurrency market.
On the 1-hour (H1) chart, the 1,887–1,903 USDT range is acting as a "sell zone," while the EMA89 near 1,894 continues to exert downward pressure. If ETH attempts to rally but faces rejection at this level, I lean towards the price retracing to the 1,855–1,865 USDT range.
Will the 1,900 level continue to hold the line for the bulls, or will tonight's CPI data trigger a breakout?
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Join our group and unlock real-time Forex, gold, and crypto signals — sharp insights, fast alerts, and opportunities you don’t want to miss.
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Related publications
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.