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Ethereum Price Analysis: Technical Outlook Suggests Low Demand and Accumulation

Ethereum's price has remained stable with minor gains on the daily chart while Bitcoin's indecisiveness has slowed down altcoins. Despite reduced buying strength, buyers still hold an advantage over sellers in the market, but if Ethereum fails to move above its immediate resistance, the coin may retrace on its chart. The release of US CPI data is expected to significantly impact the market in the coming weeks.

Ethereum's market capitalization has fallen slightly, indicating slow demand for the altcoin. The daily chart indicates a potential breakout for Ethereum as it approaches the upper boundary of a rectangle pattern, with a crucial overhead resistance identified at $1,880.

Bitcoin Bitcoin $96,702.79
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