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The crypto market is surging today after we saw positive fundamental news come out of the U.S today.
The consumer price index (CPI) is the instrument to measure inflation. And it came out better than expected showing us signs that Inflation has finally started cool down.
The more this inflation drops, the more money we can begin to see come back into the economy and the crypto market eventually.
Ethereum rallied on this positive data! However, the Altcoin price is still facing a major selling level in the 4-hour timeframe. We have been talking about this $1,400 key zone for a while now, warning our readers that more sellers are pilling into the market around this key zone.
In this Ethereum analysis, we will be talking about what we are currently seeing playout and what it might mean for Ethereum in the coming days.
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Are We Seeing A Change In Crypto Bias?
The crypto bias has been bearish for a while now, but with the release of this positive CPI data, we are beginning to see hope that the economy of the biggest market in the world might already be on the path to revival.
If this kind of positive data keeps on coming out, we expect to see the U.S. Federal reserve begin to make policy changes that could spur the growth of both the stock and crypto market in the future.
However, for now, we believe this bearish sentiment in cryptocurrencies is still too strong! And sooner or later Ethereum will resume its push to the downside.
What Is Ethereum Doing Right Now?
The Ethereum price is testing the $1,400 key resistance region in the 1-hour timeframe and failing to break through even with this positive CPI data.
This resistance region is just too strong and we believe sooner or later the bearish pressure from this key zone will cause Ethereum to resume its bearish move lower.
So for now, we are still bearish on Ethereum and we believe the Altcoin has a very high probability of selling off in the coming days.
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