After CPI Data was revealed, Ethereum price turned bullish hours; should you enter?

Published 51 minutes ago by
Brian Bollinger The Ethereum price has been in a fixed range of $1680 to $1500 since last month. The recent sell-off in crypto markets has seen the Ethereum price return to $1500 support 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.advertisementKey Points: The long lower price rejection candle at $1500 indicates the buyers are obtaining storing support.
The above bullish pattern will be activated if Ethereum prices break the $1680 barrier.
Ether’s intraday trading volume is $10.8 billion. This indicates an 18% gain.
Source: TradingviewThe Ethereum coin daily chart showed a cup-and-handle pattern. This is one of the most famous bullish reversal patterns, which indicates a sustained recovery in 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. The handle portion of the ongoing consolidation in Ethereum’s price is now ready. Trending StoriesThe Ethereum price traded at the $1509 mark, with an intraday gain in 0.29%. The altcoin has been trading above $1500 support for the past five days to try and recover bullish momentum. The U.S. Bureau of Labor Statistics just announced January CPI at 6.4%, which is higher than the expected 6.2%. AdvertisementEMAs: The 50-day EMA slope is providing strong support for Ethereum coin price.
Trend: Bullish
Medium Volatility
Resistance level – $1680 and $1788
Support level: $1500 and $1420
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