The crypto market giants Bitcoin (BTC) and Ethereum (ETH). The expert began that despite the excellent outcome of yesterday's FOMC meeting, the crypto markets did not soar as expected.
The expert linked the cryptocurrency market's sluggish price reaction to yesterday's release of Core US Inflation data. The Core U.S. Inflation Rate remains quite high, which has hampered the crypto market's possibilities of entering a significant relief rally in the recent 24 hours.
The Core US Inflation Rate is projected to continue high in the next weeks, which is bad for the overall cryptocurrency market. Despite the fact that there was no big rebound in the crypto market yesterday, the expert suggested that BTC could rise to $32K in the next days due to the descending channel pattern that has formed on BTC's 4-hour chart.
If BTC's price breaks out above this channel in the coming days, it will aim for $32K, however, caution that if BTC falls below this channel, it will push the market leader's price down to $28K, the next significant support level.
In terms of ETH, the much-anticipated Shanghai Upgrade for ETH has recently gone live. Based on the expert, only 1% of ETH validators removed their investment from the chain, which is much less than what the market had predicted.
A rising wedge formation on ETH's daily chart, which he described as a weak market structure. As a result of this shaky market structure, the analyst predicts that the price of ETH will fall in the next days.
ETH is currently trading at $1,923.01 and BTC is currently trading at $30,071.91. Both ETH and BTC are performing well on a weekly basis. ETH's price is currently up 2.65% in the previous 7 days, while BTC's weekly price performance is +7.85%.