Ethereum, the second largest cryptocurrency for market capitalization, has increased 2.3% in the last 24 hours to $ 4,430, extending its recovery from September 7.
The largest cryptographic market is largely quoted in green as investors expect key inflation data, with the August consumer price index established today, Thursday.
The producer’s price index was launched on Wednesday and saw an unexpected fall, which increased the optimism of a possible rate reduction at the next Fed meeting scheduled for September 16 and 17.
A rate cut would benefit risk assets, such as cryptocurrencies, and markets now have prices in a possible interest rate cut in September.
Spot Bitcoin and Ethereum ETFS saw yesterday a combined $ 928 million in net tickets. Ethereum ETFS raised $ 171.5 million, with Ethereum Funds Etha and Feth when seeing a greater demand.
Is a great movement closer?
The impulse of Ethereum’s price stagnated shortly after reaching a historical maximum of $ 4,955 on August 24. While optimism remains in the markets in terms of a possible rate cut, which would be optimistic for cryptocurrencies, technical indicators such as Bollinger bands suggest that an important movement could be on the horizon for Ethereum.
Since August 30, Ethereum has established itself in a range between $ 4,209 and $ 4,498. According to Ali, a cryptographic analyst, an important movement for Ethereum could be expected as Bollinger’s bands harden.
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While Bollinger band settings may indicate less volatility, market analysts often consider that this is a precursor to the main movements or shoots. Merchants observe Bollinger Band, closely squeeze since they suggest that the market could be building energy for an important movement. The longer the squeeze is, the stronger the posterior rupture is expected to be.