Bitcoin (BTC) price could undergo an initial dip before rallying, with the release of US CPI data today.
Bitcoin price is hovering around the weekly support level of $67,147. Ethereum price finds support around a 50% retracement level at $3,424. Ripple price retests its previous support at $0.467. Bitcoin price could undergo an initial dip before rallying, with the release of US CPI data today. Ethereum and Ripple could also mirror BTC’s pattern, showcasing the synchronized dance of cryptocurrency markets.
Currently, ETH is finding support around a 50% retracement level at $3,424, calculated from the swing low of $2,864 on May 13 to a swing high of $3,984 on May 27. Ethereum price is likely to be volatile because of today's US CPI news. This news could trigger ETH to sweep out buy-side liquidity before rallying upside. In such a case, ETH could first crash 5% from its current price level of $3,474 to find support at $3,279, the 61.8% Fibonacci retracement level.
Ethereum Ripple Cryptocurrencies Technical Analysis
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