Bitcoin, Ethereum Technical Analysis

As markets got ready for the United States' most recent inflation report to be released, Bitcoin held steady around $30,000 on Wednesday. In March, consumer prices in the United States are expected to fall to 5.2%, down from 6% the previous month. Additionally, Ethereum consolidated, falling back below $1,900.

On Wednesday, markets anticipated the release of upcoming US inflation figures, which is why Bitcoin (BTC) consolidated around the $30,000 mark. BTC/USD dropped to an intraday low of $29,865.20 before the report, less than 24 hours after trading at a high of $30,509.08. This comes after a strong price surge on Tuesday, when bitcoin reached its highest point in ten months.

On the other hand, during today's session, ethereum (ETH) fell below $1,900, losing nearly 3% of its value. Earlier in the day, ETH/USD fell to a low of $1,860.04 after reaching a high of $1,923.81 on Tuesday. The present move came as ETH dipped under a key opposition level of $1,915, with a story of $1,830 a likely objective for merchants.

Will lower inflation boost cryptocurrency prices? Leave your thoughts in the comments below.

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