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

Bitcoin solidified the $30,000 mark on Wednesday as the market prepares to release the latest US inflation report. U.S. consumer prices are expected to fall to 5.2% in March from 6% the previous month. Ethereum also consolidated, falling below $1,900.

Bitcoin

Bitcoin (BTC) hovered around the $30,000 level on Wednesday as the market anticipated upcoming inflation announcements from the US.

Prior to the report,BTC/USD fell to an intraday low of $29,865.20 less than 24 hours after trading as high as $30,509.08.

This follows a strong price spike on Tuesday that sent bitcoin to a 10-month high.

Overall market sentiment is mostly up after Chinese consumer prices hit an 18-month low.

Today’s marginal price decline pushed the Relative Strength Index (RSI) back to the 68.00 support point.

currently hovering at 68.89, and if it stays above the aforementioned 68.00, there is a good chance thatBTCcould extend its current gains.

Ethereum

Meanwhile, Ethereum (ETH) fell below the $1,900 level in today’s session, dropping nearly 3% in the process.

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

Today’s move came withETHbelow a key resistance level of $1,915, with a floor of $1,830 a possible target for sellers.

The price decline coincides with the RSI falling below resistance at 63.00, with the index now showing 58.44.

If the index continues to fall, the support point at 58.00 may break out and further price collapse may occur.

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