NewsletterEthereum Price Turned Bullish Hours After CPI Data Revealed; Should You Enter?
Since last month, the Ethereum price has resonated in the fixed range spread from $1680 to the $1500 mark. With the recent sell-off in the crypto market, the Ethereum price has returned to $1500 support, trying to replenish the exhausted bullish momentum. However, the U.S. Bureau of Labor Statistics released January CPI as 6.4% causing mixed sentiment in the crypto market.
Key Points:
- The long lower price rejection candle at $1500 indicates the buyers are obtaining storing support.
- The Ethereum price will trigger the aforementioned bullish pattern upon the breakout of the $1680 barrier.
- The intraday trading volume in Ether is $10.8 billion, indicating an 18% gain.
Source- Tradingview
The Ethereum coin daily time frame chart showed the formation of a cup and handle pattern. This is one of the famous bullish reversal patterns that showcase a sign of sustained recovery in the market. Under the pattern influence, the coin price managed to surpass a crucial horizontal price level that bolstered further price recovery.
This pattern formation consists of a U-shaped recovery, which is the cup, followed by a minor consolidation/retracement called the handle. Thus, the ongoing consolidation in Ethereum price is the handle portion getting ready.
By the pressure time, the Ethereum price trades at the $1509 mark with an intraday gain of 0.29%. However, over the past five days, the altcoin is hovering above the $1500 support trying to recuperate bullish momentum.
Also Read: Top 10 DeFi Lending Platforms In 2023
Anyhow, the U.S. Bureau of Labor Statistics just announced January CPI as 6.4%, which is higher than the expected 6.2%. Just after CPI data was released, the Ethereum price showed huge price fluctuation, but by press time registered a 3.3% intraday gain.
However, as long ETH price sustained above $1500 support, the above-mentioned bullish pattern will remain valid, and so does its potential to raise a bullish rally above $1680.
On a contrary note, a daily candle closing below $1500 will trigger a longer correction.
Technical Indicator
RSI: The daily RSI slope rising above the midline indicates the buyer’s confidence is returning to Ethereum.
EMAs: the 50-day EMA slope in offering strong support to Ethereum coin price.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1559
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1680 and $1788
- Support level- $1500 and $1420
- Operation Choke Point: House Republicans Spotlight Biden Administration’s ‘Attack on Crypto’
- Polymarket Rival Kalshi Moves On-Chain With Launch of Tokenized Prediction Markets on Solana
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
