Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) stabilized around their key support levels on Friday after dipping 4%, 4.26%, and 5.96%, respectively, the previous day. This price pullback in the top 3 cryptocurrencies came in after the US Producer Price Index (PPI) data was released by the Bureau of Labor Statistics (BLS) on Thursday. The PPI figures significantly exceeded economists’ expectations, suggesting that inflation is gradually escalating in the US, which has caused a risk-off sentiment in the market.
Fartcoin edges higher by 2% at press time on Friday after a 12.36% loss on the previous day. The Solana-based meme coin holds above the 200-day Exponential Moving Average (EMA) at $0.9656, struggling to crawl above the 61.8% Fibonacci level at $1.0055, which is drawn from the $2.7400 peak on January 19 to the $0.1986 on March 10. A decisive close above this could reignite recovery in the Fartcoin, potentially testing the 50-day EMA at $1.1266. The declining average line risks a death cross with the 100-day EMA, which would signal a short-term trend more bearish than the longer-term trend.
Ethereum (ETH) dropped by 5% on Thursday following an increase in the amount of coins exiting validator duties and a hot July Producer Price Index (PPI) reading in the US. Ethereum validator exit queue spiked to over 727,000 ETH worth over $3.2 billion on Thursday with a waiting time of about twelve days, less than 24 hours after the top altcoin approached its all-time high, according to data from Beaconcha.in.