Tuesday’s CPI could trigger selloff for Ethereum

Ethereum price trades in a very small range and seems to have only one element that could help avoid a small meltdown.

Tuesday’s US inflation figure is expected to be the catalyst for the crypto asset. Ethereum price sees a pressure mountain around $1,490 with the monthly pivot for February under pressure. The bearish squeeze is becoming very clear now as lower highs are being formed, and price action is getting support for now from the monthly pivot. Should that pivot give way, a big area of roughly 17% could retreat with pride action slipping below $1,300.

Ethereum price is not holding the best cards in this market’s game where the last card will be the inflation number on Tuesday. Price action has been chopping between $1,554 and $1,490 and seems to be keeping the opportunity open for some upside potential. Expect Tuesday to be crucial in defining which path Ethereum will choose.