Crypto analyst Crypto Rover has released his latest technical analysis for the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). In his recent YouTube video, Rover stated that the crypto markets did not rally as expected following the positive outcome of yesterday’s FOMC meeting. He attributed the lackluster price movement in the crypto market to the core U.S. inflation data released on the same day. Rover believes that the core U.S. inflation rate is still relatively high, which has hindered the crypto market’s prospects of entering into a strong relief rally over the last 24 hours.
According to the crypto analyst, the core U.S. inflation rate is expected to remain high for the next few weeks, which is bearish for the entire crypto market. Despite the absence of a strong rally in the crypto market yesterday, Rover still brought up the possibility of BTC rising to $32K in the upcoming days, given the descending channel pattern that has formed on BTC’s 4-hour chart. He added that if BTC’s price breaks out above this channel in the next few days, it will look to rise to the $32K mark. However, Rover also stated that BTC’s price breaking out below this channel will drag the market leader’s price down to $28K, which is the next major support level.
Regarding ETH, Rover shared that the highly-anticipated Shanghai Upgrade for ETH recently went live. The analyst highlighted that only 1% of ETH validators withdrew their stake from the chain, which is a significantly lower amount than what the market had forecasted. Rover also stated that there is a rising wedge pattern present on ETH’s daily chart, which he called a weak market structure. As a result of this weak market structure, the analyst stated that there is a possibility that ETH’s price will drop in the coming few days.
At press time, ETH’s price stands at $1,923.01 while BTC was able to gain 0.21% to trade at $30,071.91 according to CoinMarketCap. The weekly performances of both ETH and BTC are also in the green. Currently, ETH’s price is up 2.65% over the last 7 days, and BTC’s weekly price performance stands at +7.85%.
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