Ethereum (ETH) and Solana (SOL) recently dropped to their respective support levels after the US Consumer Price Index came higher than expected in August. The important measure of inflation rose 0.1% last month, dismaying analysts’ expected 0.1% month-on-month drop. This level is 8.3% higher compared to the same period a year ago.
A rising CPI makes safe-haven assets like the US Dollar and treasury bills more attractive to investors while decreasing appetite for the high-risk cryptocurrency market.
Nevertheless, real estate-backed crypto projects like The Hideaways (HDWY) look to save crypto investors from this testing bearish streak.
Ethereum (ETH) Descends to $1,600
Fears about the rising inflation hit the biggest cryptocurrencies hard. Ethereum (ETH) declined 6.02% to $1,612, down 6% for the day. The coin dropped to an important support level of $1,600 as the broader crypto market tumbled from the unexpected hike in US CPI.
Before this, bulls tried and failed in their attempt to break the $1,800 resistance line after meeting a strong selling pressure at $1,797.07.
The uncertainty of The Merge is not helping. The network’s transition to proof-of-stake will be completed any time this week, but its long-term effects remain in question. Amid the heightened sensitivity to the future of The Merge, the Ethereum network’s potential Proof-of-Work fork, ETHPOW, rose 25%.
Ethereum (ETH) bears will target $1,503.60 next and take it lower to the August low at $1,422.03 if sentiment does not improve.
Solana (SOL) Falls, Long-term Bearish Backdrop in Focus
Solana (SOL) is another coin that could not stand the pressure from rising inflation.
On Wednesday, the coin dropped 12.03% to $33.51 after setting an intraday high of $38.96 during the previous day. Solana (SOL) bulls intended to take prices higher to $41 but suffered from multiple rejections at the $38 level.
Long-term prediction for Solana (SOL) is bearish. The Relative Strength Index fell from 60.71 to 46.6 which hints that sellers rush to exit the trade. Trading volume has also dropped to $64 million from a record-high level of $500 million in the last two days.
Solana (SOL)’s price is not expected to recover in the coming days as technical indicators are in the red. Further weakness in investor sentiment could drive prices to revisit $30.
The Hideaways (HDWY) Delivering 100% Gains If You Invest Before Midnight Friday PDT
Ethereum (ETH) and Solana (SOL) are inflation-sensitive, but real estate cryptocurrencies like The Hideaways (HDWY) play better in this situation.
Real estate properties are steady-yielding income regardless of inflation. There will always be a demand for properties and people are always willing to pay large sums of cash for space.
The Hideaways (HDWY) is a new project that aims to help investors get started with real estate investing.
For as little as $100, you can buy fractionalized NFTs that are backed by real-world assets. This ownership will entitle you to receive monthly rental income from property acquisitions hosted by The Hideaways (HDWY).
Don’t miss a chance to profit. Check their presale offer out:
Website: https://www.thehideaways.io
Pre-Sale: https://ticket.thehideaways.io/register
Telegram: https://t.me/thehideawayscrypto
Twitter: https://twitter.com/hdwycrypto
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
