- Crypto sentiment has improved since Saturday, regardless of weak trading conditions over the weekend.
- Ethereum remained elevated during the time, overcoming the crucial resistance zone at $1,280 and the 50-DMA of $1,340.
Risk appetite within the crypto market has shifted for the better regardless of the weekend’s thin trading sessions. Saturday sessions saw the global crypto market surging from $950 billion to overcome the hurdle at $965 billion. The metric might climb beyond the $1 T mark in the coming sessions.
Meanwhile, the leading crypto, Bitcoin, struggled at around $21.3Ks. BTC has gained more than 12% from earlier weekly lows beneath $19K. Improved sentiments since mid-week show crypto traders maintaining positivity on last week’s macroeconomic developments.
Indeed, the US headline inflation soared in June again, as Wednesday’s CPI data showed. Nevertheless, analysts observed a decline in core price forces as strengthening optimism that US inflation could be nearing a peak. Furthermore, the Consumer Sentiment and Retail Sales exceeded expectations, reducing recession fears.
Nevertheless, the Fed reiterated a 75bp rate increase later in July. Also, some analysts feared eh headline inflation surge could trigger a 100 basis point hike. Such developments would likely dent sentiments within the crypto space.
Ethereum is among the top-performing coins within the top 50 by value. Coinmarketcap shows ETH gained about 13% within the previous 24 hours. ETH/USD hovered at $1,350 after a temporary move beyond $1,400 at some point.
That saw Ethereum hitting its highest mark in more than a month. Moreover, the alt surged 30% from the weekly low of beyond $1,000.
ETH/USD flourished within the last two days following substantial technical buying after breakouts beyond the crucial resistance zone. Late June – early July had ETH forming a double top around the $1,280 mark, but it broke this level on Saturday.
Also, Ethereum’s latest upswing saw it breaking past the 50-day MA at $1,340. The asset’s short-term outlook remains positive as Ether consolidates beyond the 50DMA.
The altcoin doesn’t face resistance up until $1,550. A surge past this level would see the crypto heading towards the $1,700 (May 2022 lows). Remember, most Ether bulls target the retest of this mark.
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