Cryptocurrency investors were confident about a stronger upward trend in the crypto market until the release of the latest PPI data. The report, which provided clearer insights into tariffs’ impact on inflation, dampened risk appetites. This week might be pivotal, with more data influencing market directions imminently.
Ethereum (ETH) Struggles
Ether continued its day with a 5% loss and declined to $4,275, moving further away from its all-time high (ATH) zone. Previously, we mentioned the possibility of testing the $4,150 mark, and as the PPI data was being released, this scenario was highlighted. News flow has consistently triggered direct results on charts.
ETH now sits nearly $100 away from its ATH, approximately 10% below its peak. The $4,120-$4,200 range had briefly acted as support and sparked a rally earlier. Maintaining this significant resistance point as support is crucial for any bullish trend to continue.
A promising detail appears in the ETHBTC pair, where the 0.037 BTC level is being upheld as support. If this support is lost, the pair might fall back to the 0.035 level, potentially accelerating USD pair sell-offs. Altcoin investors must stay alert and focus on both charts to assess if a broader selling wave in altcoins is on the horizon, especially during these risky times.
August 18th Crypto Volatility
At 7:00 PM, EU leaders are set to visit the White House. Trump and Putin met in Alaska but reached no conclusion. Although the meeting seemed positive, the absence of clear agreements and details suggests Putin might adopt a more tense stance behind the scenes.
With B2 bombers and fighters prominently displayed, Trump’s encounter with Putin was a show of force. The implied threats suggested potential outcomes if agreements fall through.
Today might reveal which weighs heavier: agreement or tension. Trump is scheduled to meet with Zelenski at 8:00 PM, with more engagements and photo ops with EU leaders and Zelenski planned until 10:00 PM (local time). Subsequent discussions and announcements could set the stage for either a recovery or deeper sell-offs in the crypto market.
