• Bitcoin (BTC) consolidated below a key price floor on Tuesday, while Ethereum (ETH) remained above the $1,800 level.
• U.S. retail sales figures for April are expected to rebound after two consecutive months of decline due to cooling inflation.
• Technical indicators remain mixed but could break out in either direction, depending on how the figures come out later today.
Bitcoin and Ethereum Price Analysis
The cryptocurrency markets were relatively quiet on Tuesday as investors waited for the release of U.S. retail sales data later this week. Bitcoin (BTC) consolidated below a key price floor, while Ethereum (ETH) held steady at around $1,800 level.
U.S Retail Sales Data
Following two months of declines, U.S retail sales figures are expected to rebound in April as inflation cools off and consumer spending increases. The data will be released later this week and could have a significant impact on the markets if it comes in higher than expected or lower than forecasted numbers.
Technical Analysis
Technical analysis suggests that both Bitcoin (BTC/USD) and Ethereum (ETH/USD) may breakout in either direction following the release of the data later this week, depending on whether it meets or beats expectations. On BTC/USD charts, the relative strength index is currently tracking at 41.06 with a floor at 38 being a potential target if momentum continues to depreciate. On ETH/USD charts, there is a price floor at $1,820 which has been in place since last Wednesday when prices were on day five of six-day losing streak and any bullish activity could push prices back towards the $1,900 level again..
Conclusion
In conclusion, both Bitcoin and Ethereum remain relatively stable ahead of tomorrow’s U.S retail sales figures although technical indicators remain mixed as speculation grows about how these numbers might impact market sentiment going forward into next week’s trading session