Crypto Price Prediction 13/5: Can $ETH Reversal from $2850 Spark the Altcoins Revival?

Crypto Price Prediction

The Bitcoin price has fluctuated around the $65,000 and $60,000 levels for over a week, creating uncertainty among market participants. While minor upward movements during this consolidation have triggered inflows into altcoins, buyers continue to struggle to sustain growth.

U.S. Consumer Price Index (CPI) Data

According to Wu Blockchain, the U.S. will release its CPI data for April this week. Forecasts predict a 3.4% year-over-year increase, slightly lower than March's 3.5% rise. The anticipated increase is partially attributed to higher gasoline prices in April, which could maintain elevated inflation rates. However, there is some relief in the wholesale used car market, where auction prices reportedly decreased by 2.3% in April.

Potential Impact on Crypto Markets

Higher inflation may prompt tighter monetary policies, reducing risk appetite and leading to declines in crypto markets.

Altcoin Analysis

1) Ethereum (ETH)

Ethereum, known for its versatility and smart contracts, has experienced a sideways trend for over a month, with its price oscillating between $3,300 and $2,875. Renewed buying interest in the market has boosted the BTC price, and ETH has also rebounded from $2,875 support, reaching $2,960. A breakout above the range's resistance at $3,300 could lead to further upside momentum, potentially challenging the $4,090 high.

2) Stacks (STX)

Stacks aims to bring smart contracts and dApps to Bitcoin. The STX price is currently in a falling wedge pattern, typically indicating a temporary pullback before buyers regain strength. A breakout beyond the pattern's upper boundary would signal a resumption of the uptrend, potentially pushing the STX price to $3.13 and $3.84.

3) Dogecoin (DOGE)

Dogecoin, originally a meme-inspired cryptocurrency, has gained popularity and real-world usage. Its low transaction fees and fast transaction times make it popular for microtransactions and online tipping.