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What To Know About Ethereum's Shapella Upgrade And The Announcement Of The March 2023 CPI Report

Check out the details of the successful upgrade and the latest CPI report!

By Bitcoin RealmPublished 6 months ago 2 min read

The CPI has been announced and Ethereum has completed its upgrade. It seems that everything is not as bad as expected. 

CPI Data

Firstly, the CPI data was lower than expected, and the month-on-month growth was also lower than expected. The market rose as expected, but the subsequent sell-off is still somewhat related to the high core CPI. After all, whether the Fed can stop raising interest rates depends on whether the core CPI can return to 2%. In March, the core CPI increased by 5.6%, higher than the general CPI, and the Fed once again reiterated its unwavering goal of 2%. Therefore, there will be basically no significant changes in the 25 basis point interest rate hike in May, and Fed officials have not expressed whether they will stop raising interest rates in June. The market's expectations for terminal interest rates have once again increased, and the technology stocks in the Nasdaq index led the market downward, almost hitting the intraday low and closing.

Shapella Upgrade

As for Ethereum, after the upgrade, there was not a large amount of queuing for withdrawals and selling. When the market saw this, large funds began to buy massively, causing a situation that was stronger than Bitcoin. Since there was no large-scale selling after the upgrade, there should not be much selling pressure later. The bearish news has become bullish, and the probability of Ethereum continuing to outperform Bitcoin in the future will greatly increase. Holding is the main strategy. By the way, the average cost of staked ETH is probably above 2100, and there should not be much selling pressure before that.

At the same time, we noticed that the futures prices on the Chicago Mercantile Exchange (CME) have been consistent, indicating that large funds still remain confident in the future trend of the cryptocurrency market. After several major events that determine the market's trend end, funds will gradually flow back, but from a cyclical perspective, the time for a correction is not enough, so we need to continue to be patient.

Bitcoin Trend

The daily chart of Bitcoin is still in a divergent state, and it is difficult to form a new uptrend in the short term. At the same time, if the 4-hour chart creates a new high in a rebound, it will also form a divergence, which is not conducive to short-term gains. Therefore, at this position, either wait for the divergence to be resolved, or take advantage of the new high to short sell, which is a high-value operation. It is estimated that it will take about a week for the daily divergence to be resolved, so there is no need to rush into the market.

What are your thoughts in the future outcomes of the crypto market? Let us know in the comment section!

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About the Creator

Bitcoin Realm

Crypto | Finance | Investing

I'm a crypto enthusiasts who loves blockchain technology because I believe that the future of finance will become more decentralized. Follow me and share your opinions so that we can discuss and grow more.

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