5.14 Market Analysis🔥
As soon as the CPI data was released yesterday, it immediately led to a surge in the market!
The reported value was only 2.3%, even lower than expected, and the market instantly got excited.
$ETH directly touched the high of 2700, and BTC also reached a near-high point; this wave of increase was too fierce.
ETH was also quite strong yesterday; after a pullback, it started to rebound around 2400.
In the evening, as the positive news from the CPI data came out, it soared even higher, and the market's confidence in it was clearly returning.
I expect it will continue to move up within the oscillation range, just waiting for the opportunity to create a new high.
However, from the weekly chart perspective, ETH has repeatedly tested and built a base in this area; if it cannot break through the key point of 2750 with increased volume, then a correction is highly likely to begin.
The long-term trend is still upward; after a correction, the price will definitely rise again. The next target of 4000 is very likely to be reached, so don’t act blindly when trading, and observe the market situation more.
Follow the right people and do the right things; choice is greater than effort!
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