Market Report - 17 April 2023
Overview
On Wednesday (12/04), the Labor Department released that the consumer price index has risen by 0.1% for the month, compared to the consensus of 0.2%, and increased by 5% from the previous year, respectively slightly lower than the estimated 5.2%. The core CPI, excluding food and energy, rose 0.4% and 5.6% year on year (YoY), respectively. This inflation data from March might be strong enough to push the Federal Reserve to raise interest rates again next month.
Ethereum (ETH) price hit $2,000 on Thursday (13/04) after the Ethereum network launched the Shanghai upgrade. ETH price continued its ascent, reaching an 11-month high. Ethereum Layer-2 tokens went surged after Shanghai upgrade release.
Within the same week, after seeing the positive macroeconomic data, Bitcoin (BTC) finally succeeded in breaking above the resistance level. BTC surpassed $30,000 for the first time since July 2022, as March's banking turbulence faded into the distance and investors grew more optimistic about U.S. central bank monetary policy.
The ETH price has increased to 77% per year, trailing the BTC price increase of 83% in 2023 but closing the gap quickly.
Bitcoin Price Analysis
Bitcoin (BTC) experienced a rally that pushed its price to 30k in the previous phase. However, at the moment, BTC is consolidating around the 30k level. Despite this, there are indications that BTC is displaying signs of weakness compared to altcoins. Altcoins have been showing strength and gaining market share, while BTC's dominance has been decreasing.
Overall, the market currently appears to be in a neutral state, with no clear direction. It's important to keep a close eye on BTC's performance against altcoins and monitor any developments that may signal a shift in market sentiment.
Ethereum Price Analysis
In recent times, Ethereum (ETH) has been on a significant rally with a classic indication of an uptrend, characterized by forming higher highs and higher lows. Furthermore, ETH has successfully broken through multiple key resistance levels, which solidifies the strength of the uptrend.
The absence of rally exhaustion in ETH suggests that the upward momentum is expected to persist for the short term. Moreover, ETH is leading the cryptocurrency market rally at the moment.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
