Ethereum Stuck in Range as Traders Await Crucial US CPI Data

Ethereum's price has been stuck in a tight range between $2,360 and $2,560 due to uncertainty surrounding the US CPI report. The Federal Reserve's Waller hinted that interest rates might remain unchanged if inflation data remains tame. However, the US NFP surprise on Friday pushed rate hike expectations back up, causing Ethereum's price to drop.

As traders await the release of the US CPI data, they may start hedging their bets, leading to a possible rangebound or slightly negative market action. A soft or in-line inflation reading could give Ethereum a boost, while an upside surprise would trigger another selloff and increase rate hike expectations.

The technical analysis shows that if the price breaks down below $2,360, sellers may target a drop into the major trendline around $2,100. On the other hand, buyers will look for a breakout above $2,560 to increase bullish bets towards $3,400.