Bitcoin and Ethereum both exhibited upward movements as Bitcoin neared the $31,000 mark, coinciding with the forthcoming US inflation report for June. Forecasts suggest a decline in consumer prices to 3.1% from May’s 4.0%. Ethereum also made gains, inching closer to the $1,900 threshold.
If this materializes, the price target is likely to be around the resistance level of $31,400.
On Wednesday, Ethereum (ETH) also experienced gains, nearing the $1,900 range once again.
Thus far today, ETH/USD reached a peak of $1,895.08, which represented nearly a 2% increase compared to Tuesday’s low of $1,863.22.
Unlike Bitcoin, Ethereum’s 14-day RSI surpassed its own ceiling at 52.00 and is currently tracking at 53.42.
Ethereum Chart by TradingView
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Frequently Asked Questions (FAQs) about cryptocurrency analysis
Q: What is the significance of Bitcoin nearing $31,000 and Ethereum approaching the $1,900 mark?
Q: What is the expected US inflation rate for June?
A: The consumer prices are expected to fall to 3.1% in June, down from the previous month’s reading of 4.0%. This decline in inflation has influenced the trading sentiment and price movements of Bitcoin and Ethereum.
Q: How does the relative strength index (RSI) impact Bitcoin’s price movement?
A: The relative strength index (RSI) is a technical indicator used to analyze the strength and momentum of a cryptocurrency’s price. In this case, the RSI nearing a ceiling at 62.00 indicates a potential resistance level for Bitcoin. Traders are hopeful for a breakout following the release of the consumer price index (CPI).
Q: What is the significance of Ethereum’s 14-day RSI surpassing its own ceiling?
A: Ethereum’s 14-day RSI surpassing its own ceiling at 52.00 indicates a positive momentum for Ethereum’s price. Despite the potential bearish signal of a downward crossover between the 10-day and 25-day moving averages, the RSI suggests continued bullish sentiment for Ethereum.
Q: How can I stay updated on weekly price analysis for cryptocurrencies?
More about cryptocurrency analysis
- Bitcoin Technical Analysis
- Ethereum Technical Analysis
- US Inflation Data
- Relative Strength Index (RSI) Explanation
- Consumer Price Index (CPI) Information
- Weekly Technical Analysis Report Subscription