Crypto Market Awaits CPI Data as Ethereum Struggles Below $2000

Crypto markets are holding their breath as investors await the release of the U.S. CPI data, which could have a significant impact on interest rates and the overall market sentiment.

The current inflation forecast suggests that both the consumer price index (CPI) and core CPI will rise 0.3% month over month and 2.5% year-over-year, respectively. If these numbers come in hotter than expected, it could dash hopes for an interest rate cut in March.

Ethereum's price remains stuck below $2,000, with analysts warning of a deeper correction if the token fails to reclaim this level soon. Bitcoin, currently trading around $66,800, is also under pressure, with its price remaining above the $66,000 mark that many fear will give way to further downside.

Solana's price has slipped below $80, while Dogecoin is the only major cryptocurrency in the green today. Analyst Ted Pillows notes that prolonged weakness below key technical levels increases the probability of further downside for Ethereum and Bitcoin.