Bitcoin (BTC) Shows Signs of Recovery, Ethereum (ETH) Displays Weakness

The cryptocurrency market is experiencing a mixed trend, with Bitcoin (BTC) showing signs of recovery, Ethereum (ETH) displaying weakness

The cryptocurrency market is currently experiencing a mixed trend, with Bitcoin showing signs of recovery, Ethereum displaying weakness, and Ripple attempting to hold onto its recent gains. As traders anticipate the U.S. Consumer Price Index (CPI) data release, market volatility is expected to remain high. Here’s a glance at the latest price trends and potential moves for Bitcoin, Ethereum, and Ripple.

Bitcoin Price Today: BTC Attempts Recovery as RSI Enters Oversold Territory

Bitcoin price is showing signs of recovery as it trades at around $82,700 on Wednesday, recovering 5.52% in the past 24 hours. This comes after BTC experienced a sharp decline, falling below its 200-day Exponential Moving Average (EMA) at $85,664 on Sunday.

The leading cryptocurrency recorded a 9.14% drop before finding support at the $78,258 level and rebounding. However, BTC’s Relative Strength Index (RSI) on the 14-day timeframe has entered oversold territory, suggesting that the cryptocurrency could be due for a pullback.

Key BTC Price Levels to Watch:

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Ethereum Price Today: ETH Struggles to Regain Strength After Significant Drop

Ethereum price has been struggling to regain strength after a significant 7.69% decline on Monday. The cryptocurrency managed a slight 3.13% recovery on Tuesday, closing above the weekly support level at $1,905.

Currently, ETH is hovering around this level, facing resistance and showing signs of weakness. A break above the 200-day EMA at $1,964 could indicate a shift in momentum in favor of the bulls.

Key ETH Price Levels to Watch:

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Ripple Price Today: XRP Bounces Back from Daily Support

Ripple (XRP) has shown resilience, bouncing back from its daily support of $1.96 with a 7.40% recovery on Tuesday.

As of Wednesday, XRP continues to trade positively at around $2.20, hinting at further gains if market sentiment remains strong. However, a break below the 200-day EMA at $1.91 could trigger further declines.

Key XRP Price Levels to Watch:

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Market Trends: CPI Data in Focus as Macro Trends Drive Crypto Volatility

With the upcoming U.S. CPI data release, market participants are closely monitoring macroeconomic trends that could impact cryptocurrency prices. Inflation data plays a crucial role in shaping Federal Reserve policy decisions, which in turn influence the broader risk asset landscape, including Bitcoin, Ethereum, and Ripple.

Investors and traders should remain cautious, as increased volatility can lead to sharp price swings. Technical indicators suggest that Bitcoin is attempting to recover, while Ethereum remains weak, and Ripple is holding onto support levels. A decisive move in either direction could set the tone for the market in the coming days.