Bitcoin, Ethereum Technical Analysis: BTC Consolidates Around $30,000, Ahead of US Inflation Report

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Bitcoin consolidated around the $30,000 mark on Wednesday, as markets prepared for the release of the latest inflation report in the United States. Consumer prices in the U.S. are expected to fall to 5.2% in March, down from 6% the month prior. Ethereum also consolidated, dropping back below $1,900.

Bitcoin

Bitcoin (BTC) consolidated around the $30,000 mark on Wednesday, as markets anticipated the release of the upcoming inflation figures from the United States.

Ahead of the report, BTC/USD fell to an intraday low of $29,865.20, which comes less than 24 hours after trading at a high of $30,509.08.

This comes following a strong surge in price on Tuesday, which saw bitcoin climb to its highest point in ten months.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:BTCUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

Overall, sentiment in the market is mostly higher, which comes after consumer prices in China fell to an 18-month low.

Today’s marginal decline in price has pushed the relative strength index (RSI) back towards a support point at 68.00.

The index is currently tracking at 68.89, and should it remain above the aforementioned 68.00 mark, there is a good chance that BTC could extend current gains.

Ethereum

On the other hand, ethereum (ETH) dropped below the $1,900 level during today’s session, falling by nearly 3% in the process.

Following a high of $1,923.81 on Tuesday, ETH/USD dropped to a low of $1,860.04 earlier in the day.

Today’s move came as ETH dropped below a key resistance level of $1,915, with a floor of $1,830 a potential target for sellers.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:ETHUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

The drop in price coincided with the RSI falling below a resistance level of 63.00, with the index now at a reading of 58.44.

Should the index continue to drop, a breakout of a support point at 58.00 could occur, leading to further price slippage.

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bitcoin
Bitcoin (BTC) $ 27,228.30
ethereum
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stellar
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aptos
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arbitrum
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near
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the-graph
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apecoin
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algorand
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the-sandbox
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frax
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edgecoin-2
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eos
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elrond-erd-2
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rocket-pool
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render-token
Render (RNDR) $ 2.58
optimism
Optimism (OP) $ 1.45
aave
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fantom
Fantom (FTM) $ 0.323008
decentraland
Decentraland (MANA) $ 0.486365
blockstack
Stacks (STX) $ 0.616201
theta-token
Theta Network (THETA) $ 0.848035
tezos
Tezos (XTZ) $ 0.906729
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,046.61
axie-infinity
Axie Infinity (AXS) $ 7.12
immutable-x
ImmutableX (IMX) $ 0.806122
havven
Synthetix Network (SNX) $ 2.39
flow
Flow (FLOW) $ 0.72808
usdd
USDD (USDD) $ 0.999731
radix
Radix (XRD) $ 0.072396
bitdao
BitDAO (BIT) $ 0.501028
gala
GALA (GALA) $ 0.03025
neo
NEO (NEO) $ 10.26
kucoin-shares
KuCoin (KCS) $ 7.41
whitebit
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curve-dao-token
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bitget-token
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bitcoin-sv
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injective-protocol
Injective (INJ) $ 7.88
gatechain-token
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maker
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conflux-token
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klay-token
Klaytn (KLAY) $ 0.186186
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.00000058925788
kava
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iota
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chiliz
Chiliz (CHZ) $ 0.100949
pepe
Pepe (PEPE) $ 0.000001
pax-gold
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casper-network
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tokenize-xchange
Tokenize Xchange (TKX) $ 6.36
sui
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xdce-crowd-sale
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terra-luna
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compound-ether
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mina-protocol
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gmx
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huobi-token
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dash
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tether-gold
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ecash
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frax-share
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trust-wallet-token
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frax-ether
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