Ethereum Price Prediction: ETH Pumps 3% Ahead Of US CPI Report As Traders Rush To Buy STARS ICO That Raised 350K In Just 2 Day
The Ethereum price jumped 3% in the last 24 hours to trade at $2,727 as of 03:25 a.m. EST on trading volume that fell 30% to $15 billion. Bitcoin and Ethereum surged in the last 24 hours, ahead of key U.S. economic data releases that are set to influence the Federal Reserve’s policy. The main one, the U.S. consumer price index (CPI) data for July, is expected today and is anticipated to show a month-on-month inflation increase of 0.2%. The CPI report will likely have a significant impact on short-term price volatility for BTC and ETH. Ethereum Price Could Still Rally The Ethereum price has been trading within a rising channel since August 5, as the bulls struggle to propel the token above the $3,000 resistance, according to data from GeckoTerminal . ETH has eventually crossed above the 50-day Simple Moving Average (SMA), a sign of an uptrend in the short term. Moreover, the Relative Strength Index (RSI) trades up, now at 59, closing in on the 70-overbought region, which is ...