$ETH Ethereum $BTC Bitcoin, Staging Short Cover Rally Before US CPI Inflation Data

Ethereum sees strong 4% gains in a short cover rally before CPI inflation data release. Will ETH stage turnaround supported by macro events?

Bitcoin, Ethereum Stage Short Cover Rally

Just ahead of the crucial CPI inflation data release, the top two cryptocurrencies are showing strength in a major short-cover rally. In the last 24 hours, more than $177 million have been liquidated with $91 million in short liquidations and nearly $86 million in long liquidations.

As per the reports, the US CPI data is likely to show a surge in inflation fueling concerns about whether or not the Fed would proceed for a rate cut in September. Market estimates show that inflation for July is likely to surge by 0.2% against the 0.1% drop last month.