On November 10, traders holding long positions won the day as the Consumer Price Index (CPI) inflation increased by 6.2% in October over a year ago. Per the statistics from the U.S Bureau of Labor Statistics (BLS), inflation increased by 0.9% in Oct. alone, more than twice the 0.4% recorded in September and 0.3% in August.
In response to the inflation, the crypto market soared as the global market hit an all-time high of $3 trillion. Most cryptocurrencies, including the largest altcoin, enjoyed a significant boost from the exposure.
Ethereum surged to record $4,868 during that time. Ether flipping the $5,000 resistance was more likely based on the sentiment. As the mojo of the inflation wore off, the largest alt relinquished the ATH and has seen gradual descent since.
The second-largest coin by market cap has held on to the $4,500 support over the last 48 hours. The highlighted price level is increasing optimism as to a resumption of the uptrends. The 50-day MA and the 200-day MA are both apart as the first is at $3,881 and the latter is at $3,070 – no fear of a death cross.
The Relative Strength Index (RSI) crossed below 60 a few minutes to the time of writing. RSI is still bullish at the current level and may be hinting at an incoming price hike. Two of the most popular indicators suggest that ether will resume pick up momentum.
Nonetheless, there are no indications of ETH flipping $5,000 this week. It will take extremely bullish action to ensure the mark is attained. The closing price ether on the weekly chart will determine if we will see the dream come true next week.
It is also important to note that the largest alt has continually evaded any possible bearish crossing on the Moving Average Convergence Divergence (MACD) since last month. However, this time is different from the rest as the interception has taken place.