#Bitcoin & #Ethereum Soar as Short Cover Rally Gains Momentum Ahead of Crucial #CPI Data Release
👇1-12) The Ethereum/Bitcoin ratio has dropped by 37% since the Ethereum Merge on September 15, 2022, marking the onset of a sharp downtrend. The ratio has repeatedly faced resistance at the upper boundary of the descending channel and found support near its lower edge. In anticipation of this week's US CPI data, we are observing a rebound in the ratio, likely driven by short covering.
👇2-12) Previous upgrades, such as the Merge and #Dencun, have had minimal impact on Ether's price. Instead, Ethereum's value continues to be primarily driven by macroeconomic factors like inflation.
👇3-12) Our MUST read report: https://post.10xresearch.co/p/bitcoin-and-ethereum-soar-as-short