CandleFocus ETH Price Dips As Inflation Rises: Can $2350 Support Hold?
2024-10-11
Author: Content Editor
The release of Consumer Price Index data showing a small increase in inflation caused concerns about interest rate hikes, leading to a 3% drop in Ethereum. The market uncertainty resulted in outflows from Ethereum ETFs as investors sought alternative options. However, Ethereum has the potential to rise by 12% after hitting key support levels. Ongoing selling pressure and cautious sentiment among investors have impacted both Bitcoin and Ethereum ETFs. Despite the volatility, if Ethereum breaks above certain levels, it could see a significant surge in price. The RSI indicates a gradual shift from oversold conditions, suggesting that selling pressure has eased but bullish momentum remains tentative. A successful rebound from the $2,350 support level could signal a strong recovery, especially if the RSI crosses above 50.
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