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Ethereum Price Forecast: How Will the US Inflation Announcement Affect It?

  • When examining the 4-hour and daily technical chart of Ethereum, it can be seen that the price is moving between certain support and resistance levels.
  • The impact of US inflation data on the price should be closely monitored.
  • The support level of $1824 and the resistance level of $1880 stand out as critical levels for Ethereum.

The technical analysis of Ethereum shows the movement between specific support and resistance levels. It is observed that US inflation data is a factor that needs to be closely monitored. The closing prices above the $1824 support and breaking the $1880 resistance will be important in determining the future trend.

Medium-Term ETH Analysis

Daily ETH/USD Price Chart
Daily ETH/USD Price Chart

When examining the daily technical chart of Ethereum, it is observed that the price continues to move above the $1815 support level. Meanwhile, ETH is trading around the current levels of $1850 and approaching the $1880 resistance.

In order for Ethereum’s future movements, it needs to achieve daily candle closes above the critical level of $1880. If this resistance is surpassed, it is observed that ETH can move towards the levels of $1958 first and then to the target of $2023.

However, if the Ethereum price fails to break the $1880 resistance, there is a possibility of a downward movement towards the $1815 levels again. If the price closes below this level on a daily basis, it may indicate a downward trend towards the critical support range of $1778 – $1749.

If Ethereum encounters strong buying demand in the support range of $1778 – $1749, it is possible for the price to rise from this level and reach the target of $2023. However, if the price tests this support range and achieves daily closes below the $1749 level, it becomes important to consider stop levels and evaluate spot investments.

Short-Term ETH Analysis

4-Hour ETH/USD Price Chart
4-Hour ETH/USD Price Chart

When examining the 4-hour technical chart of Ethereum, it is observed that the price continues its movement around the $1852 levels. While evaluating the impact of the US inflation data to be announced today on the Ethereum price, it is necessary to focus on the declines in the ranges of $1839 – $1831 – $1823. If these support ranges lose value and the price approaches the $1803 level, long positions can be observed considering this level as a stop.

If the Ethereum price shows a rise from the mentioned support levels, it is seen that it has the potential to first target the $1880 level and then rise to the levels of $1910. After the impact of US inflation data, Ethereum investors should closely monitor the price.

As long as the ETH price continues to achieve 4-hour candle closes above the support of $1824, it is expected to continue the upward trend. Closing below this level requires a reevaluation of the price movement.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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