Ethereum 1-hour candlestick chart analysis: With the favorable PPI data, ETH is expected to break through the $3200 barrier!
Information: Jin10 data at 8:30 PM:
Today, combining the latest released U.S. June PPI data and the Ethereum 1-hour candlestick chart, let's analyze the future trend of ETH. From both data and technical perspectives, the probability of ETH breaking through $3200 in the short term is relatively high. Let's break it down in detail!
1. News: PPI data is favorable, market sentiment is bullish.
The U.S. June PPI annual rate released today is 2.6%, higher than the expected 2.5% and the previous value of 2.3%. Although the PPI monthly rate of 0.1% is slightly lower than expected, the overall data still shows moderate inflation pressure, and the market's expectation for the Federal Reserve to cut interest rates may increase. Jin10 data indicates 'bullish for gold, silver, and crude oil', while cryptocurrencies, being risk assets, are also likely to benefit from expectations of liquidity easing.
Zhuque's view:
Although the PPI data is not explosive, combined with recent dovish statements from Federal Reserve officials, the market may further bet on easing policies, which is a potential positive for high-risk assets like ETH.
2. Technical Analysis: ETH 1-hour candlestick chart.
From the second chart of ETH/USDT 1-hour candlestick:
Price trend: The current price of ETH is fluctuating around $3164, showing an upward trend recently, with strong support on the downside.
Moving average system: The yellow and purple moving averages are in a bullish arrangement, with short-term moving averages crossing above long-term moving averages, indicating strong upward momentum.
Fibonacci resistance levels: Several Fibonacci retracement levels are marked in the chart, with $3212.64 being a key resistance level. If broken, it may further target the $3200-$3300 range.
Trading volume: Recent trading volume has increased moderately, indicating a growing willingness for funds to enter. If the key resistance level is broken, it could trigger accelerated upward movement.
Personal opinion:
From a technical perspective, ETH is in an upward channel, and the short-term moving averages provide solid support. If it can hold above $3164 and break the $3212 resistance level, it is highly likely to test the psychological level of $3200.
3. Comprehensive judgment: The probability of breaking through $3200 is relatively high.
Favorable news: The PPI data is moderate, and the market's expectation for Federal Reserve policy is shifting towards easing, which is positive for cryptocurrencies.
Strong technicals: ETH is in an upward trend, with good trading volume support. Breaking through the resistance level is just a matter of time.
Key levels: $3212 is a short-term watershed. If it breaks with volume, the target looks towards $3250-$3300. If you don't know how to predict ETH's future trend, come find Zhuque. Zhuque will guide you step by step.
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