Crypto Market Takes a Dip: What's Next for Bitcoin and Ethereum?

Bitcoin and Ethereum both experienced significant declines following new data indicating rising inflation. This news has made investors nervous, as they fear continued price increases could negatively impact crypto values.

Key Resistance Levels

A renowned crypto expert noted that Ethereum and other altcoins attempted to reach a critical price level, a major resistance point. However, the inflation data caused these coins to retreat.

Bitcoin also tried to break through a resistance level but lacked the strength to do so. Both Bitcoin and Ethereum are now at their last major resistance levels for this market cycle.

Expert Advice

The expert advised traders to exercise caution, recommending against buying at these resistance levels. He believes these levels will hold unless there is a significant economic event.

Upcoming Events

All eyes are on Jerome Powell's upcoming speech. As the head of the U.S. Federal Reserve, his words could significantly move the market.

Bitcoin Dominance

Bitcoin's dominance is currently around 58%, seen as a strong support level. If it breaks below this, it could signal the end of the current Bitcoin cycle.

Future Outlook

The expert suggests there might be another opportunity to break these resistance levels. For now, traders are advised to wait and see.