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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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The latest released CPI data is lower than expected, at only 2.8%. This news immediately ignited enthusiasm in the risk asset market. Against this backdrop, the cryptocurrency market has shown a significant upward trend, with Ethereum (ETH) standing out in particular, reaching a new high.
In terms of Bitcoin (BTC), although it is still in a retracement pattern on the 4-hour chart, the key breakout point has become clear. If it can break through $119,800, it is expected to further advance to $120,800, or even challenge the high of $122,500. However, if it fails to break through $119,800, attention should be paid to the performance of the support level at $118,800. If this level is lost, it may fall back to $118,000, and in extreme cases, it could even touch a low of $115,800.
Ethereum is showing strong upward momentum, with the next resistance level around $4,500. If it breaks through, it may encounter defense around $4,550. Support levels are at $4,370 and $4,300; if both of these positions cannot be held, it may fall back to the foundational level of $4,160. It is worth noting that the current upward trend is too steep, lacking healthy pullbacks, and there is a risk of trading fatigue.
If Solana (SOL) can close above $178 on the 4-hour chart, it is expected to further rise to $186, and even $190 and $195. However, if it fails to stay above $178, it may pull back to the range of $173-171.
As long as Binance Coin (BNB) can maintain support at $808, it can sustain a bullish trend, with target price levels at $828 and $835, and may even push towards the $850-860 range after breaking through. However, if it falls below $808 on the 4-hour chart, it may drop to $792, and could even reach the defensive zone of $781-776.
Overall, the positive news from the CPI data has boosted the market's risk appetite. Although Ethereum is leading the rise, its momentum may have become overheated. Whether Bitcoin can break through $119,800 will be key in determining the future market direction. Given the current vertical rise in the market, investors must be cautious in managing risks.