This morning, the esteemed crypto analyst, Crypto Rover, shared his latest technical analysis on the leading crypto market players, Bitcoin (BTC) and Ethereum (ETH). In his Youtube video, the analyst began by noting that the crypto markets did not experience the anticipated surge following the favorable outcome of yesterday’s FOMC meeting.
The analyst has attributed the subdued price action observed in the cryptocurrency market to the recently released Core U.S. Inflation data. The analyst has pointed out that the Core U.S. Inflation Rate remains elevated, which has impeded the potential for a robust relief rally in the crypto market over the past 24 hours.
According to the analyst, the Core U.S. Inflation Rate is anticipated to maintain its elevated status for the next few weeks, which could hurt the entire cryptocurrency market. Despite the lack of a significant surge in the crypto market yesterday, the analyst did mention the potential for BTC to reach $32K in the coming days, citing the descending channel pattern that has emerged on BTC’s 4-hour chart.
According to the analyst, if BTC’s price breaks out of its current channel in the upcoming days, it will likely soar towards the $32K milestone. However, the analyst also cautioned that if BTC’s price falls below this channel, it could pull the market leader’s value down to $28K, the next significant support level. These insights provide valuable guidance for investors making informed decisions in the ever-changing cryptocurrency market.
According to Crypto Rover, the eagerly-awaited Shanghai Upgrade for ETH has been successfully implemented. The analyst noted that 1% of ETH validators withdrew their stake from the chain, which falls well below market expectations.
According to Crypto Rover, the daily chart of ETH reveals a concerning rising wedge pattern, indicating a weak market structure. As a result, the analyst suggests a potential for a price drop shortly.
As of the latest update, CoinMarketCap reports that ETH is currently valued at $1,923.01, while BTC has experienced a modest 0.21% increase, trading at $30,071.91. Encouragingly, both cryptocurrencies have demonstrated positive weekly performances, with ETH up by 2.65% over the last 7 days and BTC boasting a weekly price performance of +7.85%. These figures indicate a promising trend for investors and traders alike.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
