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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Spurts 13% In The Past Week, Investors Hopeful Of Market Bottom

Christian Encila
Christian Encila
2 years ago
4 mins read
Ethereum

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At its current price of $1,408, investors and traders are hopeful that the market bottom is finally here for Ethereum.

Analysts are observing that Ethereum is at its key resistance level, poised for a breakout as the Consumer Price Index (CPI) data was released Thursday.

This rally by Ether – which is up 13% in the last seven days, based on data by Coingecko – has been fueled by a renewed investor sentiment. However, these huge gains are still threatened by macroeconomic forces. 

The Consumer Price Index reported by the U.S. Labor Department on Thursday showed an annual increase in consumer prices of 6.5%, down from 7.1% in November and the 40-year high of 9.1% in June.

Is The Market Bottom Here For Ethereum? 

Most analysts agree that the market bottom for Ethereum may just be around the corner. But the community is divided on where the price of ETH would go. Some don’t buy the idea that this rally is the start of the crypto market recovery. 

Twitter user EMoneyMoves sums up the pessimists’ side in his own viewpoint. His most recent thread details his reasons why he doesn’t believe this is the end of the bear market. The gist of it is that this market movement is currently mirroring the 2018 crash of Ether. 

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This itself is not evidence that the market bottom is in. External market forces, according to analysts, will mold the market bottom. 

“Do not ape now. This might be a bear market rally to mirror the early $ETH bear market rally of 2018. The economy looks like s*it. Record consumer debt. Sky high inflation. Rising interest rates. War in Ukraine choking oil supply. Mass layoffs in major industries starting,” eMoneyMoves said in part of his thread. 

Indeed, the macroeconomic situation is not looking so rosy. With the World Bank saying that we’re on the brink of a recession, the CPI data means a great deal for investors in the short- and mid-term.

On ETH Resistance & Fed Monetary Policies

With economies in a bigger slump, this rally might only be a slight relief that precedes more pain. As of writing, the S&P 500 is up 4% in the weekly, nearly gaining as much as Ethereum in the same timeframe. This correlation between the two could set the crypto and stock market tumbling if the CPI data showed a worsening or stagnating situation. 

As of writing, Ethereum is being rejected at $1,418 which might indicate that the bulls have lost or are yet to lose momentum. This rejection can be further amplified if macros don’t support the sentiment or price action. 

ETH total market cap at $172 billion on the daily chart | Chart: TradingView.com

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As the market waits for a glimpse of the U.S. Federal Reserve’s future policies, investors and traders should hold off any major decisions and just monitor the situation. 

-Featured image by The Block

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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