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Bitcoin, Ethereum Technical Analysis: ETH, BTC Slightly Lower Ahead of Friday’s US Inflation Report

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BTC struggled to hold above $30,000 on Thursday as markets prepare for the release of U.S. inflation data on Friday. Cryptocurrency prices have mostly consolidated in today’s session, while Ethereum fell slightly, dropping below $1,800.

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Bitcoin struggled to hold above $30,000 on Thursday as traders began anticipating the latest US inflation report.

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On Friday, the latest consumer price index (CPI) is expected to show inflation at 8.3%, still close to record highs.

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Prior to the release of this BTC/USD eased slightly on Thursday, hitting an intraday low of $30,015.98.

Bitcoin, Ethereum Technical Analysis: ETH, BTC Slightly Lower Ahead of Friday's US Inflation Report
BTC/USD – daily chart

The move came after the bulls retraced the $30,000 mark during yesterday’s session, however, they failed to sustain the gain.

Some believe that this may be due to the upcoming release of the consumer price index, which has been a key economic indicator in recent months.

In addition to this, the 14-day RSI remains near its low of 45.50 and if it continues to be stable, BTC likely to stay above $30,000.

Ethereum

Thursday saw Ethereum are also declining as prices fell back below $1,800 due to the current uncertainty in the markets.

Less than a day after trading at a peak of $1862.91, Ethereum/USD fell to an intraday low of $1,777.97 earlier today.

Prices have risen since then, moving away from the $1,750 support level and are trading around $1,795.45 at the time of writing.

Bitcoin, Ethereum Technical Analysis: ETH, BTC Slightly Lower Ahead of Friday's US Inflation Report
Ethereum/USD – daily chart

Ultimately, the theme of consolidation is still present in Ethereum, as is the case with BTCthis is likely due to the upcoming economic releases.

While cryptocurrency prices have not been as exposed to such fundamentals in the past, due to the current economic downturn around the world, traders are moving away from high-risk assets and using data such as inflation to determine the timing of potential investments.

will we see Ethereum stay above $1,800 after tomorrow’s inflation report? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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