ETH has hit the zone that I mentioned in the market update🙏 | THE DOCTOR CRYPTOHUB on Binance Square

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THE DOCTOR CRYPTOHUB

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ETH has hit the zone that I mentioned in the market update🙏
Congratulations to those who followed this update and took trade🤝

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As I said in the update. 👀 Market was pumped 2.30% from there after shared my CPI update 🚀

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The expected Consumer Price Index (CPI) rate for July 11, 2024, is forecasted to show an annual headline inflation rate of 3.1%, down from 3.3% in May. The monthly inflation rate is expected to be 0.1%. For core CPI, which excludes food and energy prices, an annual increase of 3.5% and a monthly rise of 0.3% are anticipated. Regarding the impact on the cryptocurrency market, lower-than-expected inflation can be beneficial. Lower inflation rates can reduce pressure on the Federal Reserve to raise interest rates, potentially leading to more favorable market conditions. This can be advantageous for risk assets like cryptocurrencies, as lower interest rates typically encourage investment in higher-risk, higher-reward assets.

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The price has broken above the resistance line of bearish pennant pattern. If the market confirms the support above this range then the market will move towards 60300$ , Hope the market will take rejection from this range but If the market breaks the range of 60300$ then the market will move towards 62k and from there a clear dejection is anticipated

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Let's look at the market in retail style👀 The price action is forming a bearish pennant pattern, suggesting a potential continuation of the downward trend. Key support is near 53,000, with a potential for further declines if this level is breached. We should be cautious and watch for a breakdown below the support line, which could signal further bearish momentum 📉

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Has the market completed my update? Yes the market definitely completed my update and is worked perfectly 🫣👌

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