In July 2025, the US Consumer Price Index (CPI) saw a yearly rise of 2.7%, just short of the expected 2.8%. The core CPI, which excludes food and energy, increased by 3.1% year-on-year, slightly above the anticipated 3.0%. The monthly CPI met expectations at 0.2%, with an exact figure of 0.197%. The core CPI for the month was 0.3% (or 0.322% unrounded), also in line with expectations. Real weekly earnings rose by 0.4%, bouncing back from a previous drop of 0.3%. Some notable price changes included a 2.3% increase in coffee prices and a 0.9% rise in furniture and bedding. Used cars and trucks gained 0.5% in price, recovering from a 0.7% drop the month before. On the downside, motor fuel prices fell by 2.0%, while fresh fruits dropped by 1.4%.

Stock Market Reaction

The stock market responded well, with the Dow rising by about 200 points, the NASDAQ gaining 120 points, and the S&P increasing by 43 points. Yields saw a slight decline, with the two-year yield dropping by 3 basis points to 3.716%, and the ten-year yield decreasing by 1.1 basis points to 4.261%. Following this report, the likelihood of a rate cut in September rose to 90%, up from 85%. There are also expectations for 60 basis points of cuts by the year’s end. Today’s July inflation report from August 12, 2025, indicates that the initial market reaction may have been too optimistic. While the overall inflation number cooled slightly, core year-over-year inflation ticked up to 3.1%, surpassing expectations. This persistent inflation, driven by a 0.4% monthly rise in services, is a concern for the Federal Reserve. This situation feels similar to the first half of 2024 when ongoing services inflation delayed the Fed’s shift in policy. The strong 0.4% rise in real weekly earnings could raise concerns that consumer demand is too robust for the Fed to comfortably return to its target rate of 2%. Therefore, caution is advised regarding the market’s optimistic view on rate cuts. For derivative traders, the decline in the 2-year yield to 3.71% presents an opportunity to prepare for a possible market reversal. The market currently indicates a 90% probability of a rate cut in September, but mixed data gives Fed officials ample reason to temper those expectations at the upcoming Jackson Hole symposium in late August. Buying options that profit from rising short-term rates may be a wise protection against potential hawkish surprises.

Equity Market Concerns

In equity markets, the rally in the S&P 500 and NASDAQ is based on the expectation of lower interest rates, but this assumption may be unstable. The CBOE Volatility Index (VIX) has likely dropped due to this news, now trading around a low 14, indicating some complacency among investors. This environment could be ideal for buying protective put options on major indices at lower prices to hedge against downturns. Also worth noting is the weakness in categories like motor fuel and appliances, which could suggest a softening in consumer spending on certain goods. This may affect the outlook for related retail stocks. Conversely, the unexpected strength in used cars and tools might indicate that tariffs are affecting the economy, which could complicate the inflation landscape in the coming months. Create your live VT Markets account and start trading now.

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The AUD/USD pair has dropped sharply, trading close to the 0.6500 level during the European session. This fall comes after the Reserve Bank of Australia (RBA) announced a softer outlook, cutting its Official Cash Rate by 25 basis points to 3.6%. The RBA’s decision was expected, but Governor Michelle Bullock signaled that more rate cuts could follow. This has weakened the Australian Dollar, especially with labour market data set to be released on Thursday.

Australian Economy and Labour Market

Job growth expectations for the Australian economy are at 25,000 for July, a significant increase from the 2,000 jobs added in June. The unemployment rate is expected to stay at 4.3%. At the same time, there is growing anticipation for the US Consumer Price Index (CPI) data, which is expected to show a headline inflation rise of 2.8% for July. In the US, a core CPI increase of 3.0% is predicted, excluding the more volatile food and energy prices. This context is important as the RBA finishes one of its eight yearly meetings, where interest rate changes often impact the Australian Dollar. We see a clear divide in central bank policies that creates opportunities for the AUD/USD pair. The Reserve Bank of Australia is now in a cutting phase, which undermines the Australian dollar’s strength. The attention now turns to whether the US will continue with its steady interest rate policy. The RBA’s cut to 3.6% and the possibility of more cuts ahead sends a strong bearish signal for the Aussie dollar. If Thursday’s labour data disappoints with job numbers below 25,000, this could speed up the currency’s decline. As of early August 2025, Australia’s wage growth has shown signs of slowing down, growing at 3.8% annually in the first quarter, giving the RBA more reasons to ease its policy.

US Inflation Data and Market Reactions

This week, US inflation data is the main focus. If the core inflation rate is above the expected 3.0%, it could strengthen the Federal Reserve’s “higher for longer” approach, which would boost the US dollar. On the other hand, a lower than expected figure might provide temporary relief for the Australian dollar. The 0.6500 level has historically been crucial for this pair. In late 2023, a decisive drop below this level caused the currency to fall rapidly toward 0.6300. We are watching for a similar trend if the pair fails to recover the 0.6500 level in the coming days. With significant data events coming up, we’ve noticed increased options premiums, indicating higher volatility expectations. Traders may consider buying put options to hedge against or profit from a further drop below the key 0.6500 support level. The rising cost of these options shows that the market is anticipating a major move. Looking ahead, the most likely direction for the AUD/USD seems to be downward. We consider any rebound in the pair, potentially following a weak US CPI report, as a chance to initiate new short trades. The prevailing trend remains influenced by the RBA’s dovish stance, which is unlikely to change anytime soon. Create your live VT Markets account and start trading now.

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The NFIB Business Optimism Index in the United States reached 100.3 in July, surpassing expectations of 98.6. This shows that small business owners are feeling positive and that the economic outlook is improving. The EUR/USD currency pair climbed to daily highs near 1.1650 after mixed US inflation data impacted the US Dollar. Similarly, the GBP/USD pair rose above the 1.3500 mark due to renewed downward pressure on the US Dollar.

Gold Nears Important Levels

Gold prices approached $3,350 per troy ounce after the release of US inflation data. This movement comes as global attention shifts to an upcoming meeting between Trump and Putin, along with potential further easing actions by the Federal Reserve. The Pi Network saw its value drop below $0.4000 after peaking at $0.4661. Technical indicators suggest a potential downward trend, with a possible 10% correction like the one seen in mid-July. The Bank of England cut interest rates by 25 basis points to 4%, indicating the end of the current easing phase may be near. Concerns remain about inflation, which is still above the targets set by policymakers.

US Economic Strength and Inflation Worries

The NFIB index at 100.3 shows strong confidence among small businesses, indicating strength in the US economy. This may support US stock indices, which have been stabilizing after hitting record highs earlier this summer. With the S&P 500 trading above 6,150, ongoing domestic optimism could push stock prices higher. This economic strength is complicated by recent inflation data, which has led to weakness in the US Dollar. The mixed July CPI report showed core inflation slightly decreased to 3.7%, but it remains above the Fed’s target. This suggests limited room for further interest rate hikes. We see this as a signal to prefer foreign currencies like the Euro and the Pound against the Dollar in the short term. In the UK, the Bank of England’s decision to lower its rate to 4% may be one of its final cuts. UK inflation remains stubbornly high at 5.2%, making further easing difficult for policymakers. This might lead to stability for the Pound, and we could witness increased volatility in GBP/USD options as the market contemplates the Bank’s next steps. Gold nearing the $3,350 mark reflects concerns about inflation and a weak Dollar. We view gold as a strong hedge against uncertainty, especially with the geopolitical tension from the upcoming Trump-Putin summit. This situation is reminiscent of the gold rally during the high-inflation period of the late 2020s, making bullish call option strategies on gold futures appealing. In the speculative digital asset markets, we are cautious about the Pi Network. Its failure to stay above $0.4600 and recent decline indicate a potential downtrend, similar to the significant correction seen in July 2025. Traders should be ready for another possible 10% drop and consider short-side opportunities if the token falls below key technical support. Create your live VT Markets account and start trading now.

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US Consumer Price Index Sees an Increase

The US Consumer Price Index (CPI) rose by 0.2% in July, with the core CPI increasing by 0.3%. This data reflects changes in the US economy and may influence future decisions by the Federal Reserve. In Europe, the European Central Bank (ECB) has decided to keep interest rates at a level they consider acceptable, showing their current economic outlook. OPEC predicts that global oil demand will grow by 1.29 million barrels per day (MBD) by 2025. Investors should be aware of the risks tied to foreign exchange trading, which may not be suitable for everyone. It’s important to receive proper education and guidance before taking on such high-risk activities. With the July CPI data aligning with expectations, the market is now focused on what the Federal Reserve will do next. This predictability may increase uncertainty and volatility in the upcoming weeks. Currently, Fed funds futures suggest there is approximately a 60% chance of a 25 basis point rate cut at the October 2025 meeting, making all future statements from officials crucial. Central banks are clearly taking different paths, creating opportunities in currency trading. The Reserve Bank of Australia lowered its rate to 3.60% this month, while the European Central Bank appears to be maintaining its stance. This may be a good time to consider buying call options on the AUD/EUR pair with a defined risk.

Opportunities in Equities and Commodities

In the stock market, there is a split with AI-focused companies like CrowdStrike seeing a surge in value, despite having high price-to-earnings ratios at 89x. This makes the tech sector vulnerable to any unexpected moves from the Fed. We believe buying protective put options on the Nasdaq 100 index would be a smart way to guard against a potential downturn ahead of the central bank’s decision. Warnings of stagflation and ongoing trade tensions over tariffs between the US and EU are creating a cautious environment for commodities. Gold prices are responding to changing odds for interest rate cuts, while OPEC’s stable oil demand forecast provides support for now. In 2022, when inflation was high, we saw how geopolitical and economic uncertainty led to significant spikes in commodity volatility, and a similar pattern might occur again. June’s Canadian building permit data came in better than analysts expected, indicating some strength in Canada’s economy. This could lend support to the Canadian dollar, especially if the Fed hints at interest rate cuts soon. Traders might consider using short-term USD/CAD put options to position for potential strength in the Canadian dollar. Create your live VT Markets account and start trading now.

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The European Central Bank’s (ECB) policymaker recently spoke about current interest rates. They mentioned that inflation has decreased and is no longer a significant concern.

Inflation And Policy Changes

They highlighted that the policy can be adjusted if necessary, even though tariff uncertainty continues. The policymaker indicated that interest rate cuts are not needed right now. For rates to drop in the future, there would need to be major negative changes. Based on these comments, we believe that the ECB will keep its policy steady for the foreseeable future. The signal is clear: it will be tough to cut rates further. This means we should rethink positions that expect lower interest rates in the upcoming months. Recent data supports this steady outlook. The latest Eurozone Harmonised Index of Consumer Prices (HICP) for July 2025 was 2.1%, which is close to the 2% target. This gives policymakers no reason to change their stance, especially since the unemployment rate is stable at 6.4%. Thus, we view the current interest rate as the baseline for the rest of the year.

Interest Rate Contracts And Positioning

For those trading in interest rate contracts, bets on rate cuts for the fourth quarter of 2025 seem overpriced. We should plan for short-term rates, like Euribor, to stay stable until the end of the year. Selling futures contracts that expect rate cuts is a smart strategy. This policy stability should also support the euro, especially against currencies like the dollar, which has weaker economic data. Implied volatility in the EUR/USD pair has dropped to its lowest since early 2024, indicating that the market is pricing in this calm period. Selling out-of-the-money puts on the euro could be a good way to take advantage of this lower risk. We’ve seen a similar trend before, like during the Federal Reserve’s long pause in 2023 and 2024. At that time, the market focused less on central bank guidance and more on individual data points, causing significant short-term movements. We expect this pattern to emerge in European markets over the next few weeks. However, we must keep in mind that tariff uncertainty is still unresolved. While it’s a secondary issue for now, any unexpected negative news on trade could push policymakers to adapt more quickly. It’s wise to include some level of portfolio protection against sudden economic shocks. Create your live VT Markets account and start trading now.

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The US Dollar is stable while all eyes are on US consumer inflation data. The Canadian Dollar is facing difficulties due to low Oil prices, impacting the USD/CAD pair, which is currently on a winning streak. In July, it’s expected that US inflation has risen, which may lower hopes for a quick decision from the Federal Reserve to ease rates. The market is predicting an increase in inflation, which could complicate any plans for a rate cut, even with weak job data and dovish comments from Fed officials.

Predicted Inflation Rates And Fed Policy

Forecasts indicate that headline inflation could increase to 2.8% year-over-year in July, while core inflation is expected to be at 3%, its highest since February. A bigger-than-expected rise in inflation might affect Fed policy, boosting the value of the US Dollar. On the other hand, the Canadian Dollar is under pressure from low oil prices and weak job data, which might lead the Bank of Canada to adjust interest rates. Inflation influences currency value, as central banks often raise rates to combat high inflation, typically strengthening the currency. Generally, high inflation encourages rate hikes and results in stronger currencies. Gold, usually seen as a safe investment during inflation, becomes less appealing as rates rise since the opportunity cost of holding it increases. As of August 12, 2025, we’re closely monitoring the US Dollar ahead of this week’s crucial American inflation data. The USD/CAD pair is trading around 1.38, continuing its recent rise as oil prices pose challenges for the Canadian currency. This situation presents a clear opportunity for traders in the upcoming weeks.

Market Expectations And Strategies

The market anticipates that the July US Consumer Price Index (CPI) will show an increase to 2.8% year-over-year, up from June’s 2.6%. This raises questions about the likelihood of a Federal Reserve rate cut, especially after the recent jobs report indicated weaker growth with only 155,000 added jobs. A higher inflation reading would likely boost the dollar by confirming the Fed’s cautious approach. In contrast, the Canadian Dollar is struggling, with WTI crude oil prices sitting around $71 a barrel. Canada’s jobs report earlier in August was disappointing, as it showed a loss of 5,000 jobs when a gain was expected. This data suggests the Bank of Canada may need to consider cutting interest rates before the US does. For derivative traders, this environment calls for strategies that take advantage of a rising USD/CAD. We believe purchasing call options on the USD/CAD is a straightforward way to prepare for a surprise increase in US inflation. This approach limits our potential loss to the premium paid while allowing for profit if the currency pair rises. We must also keep an eye on the rising implied volatility that typically comes before major economic data releases. Selling out-of-the-money put options on USD/CAD could generate premium income and lower the overall cost of a bullish position. This strategy would benefit from a rising exchange rate and a corresponding decline in volatility after the news is out. Reviewing the years 2022-2023 proves insightful regarding how differences in central bank policies influence currency markets. During that time, the Fed’s aggressive rate hikes resulted in a strong dollar rally. We might be witnessing the start of a similar, albeit less severe, policy divergence now. This outlook also impacts commodities, especially Gold. If persistent US inflation keeps interest rates elevated for an extended period, the allure of holding non-yielding Gold decreases. We see the potential for buying put options on Gold as a way to hedge against or profit from the belief that higher rates will pressure its price. Create your live VT Markets account and start trading now.

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USD Trading in a Clear Channel

The US Dollar (USD) is expected to rise and may test the 7.2010 level against the Chinese Yuan (CNH), but it’s unlikely to reach the key resistance at 7.2100. Analysts believe the USD will trade within a range of 7.1700 to 7.2100 over the long term. In the next 24 hours, the USD seems to be consolidating, with a higher trading range between 7.1820 and 7.1980. The currency hit a high of 7.1982 after dropping to a low of 7.1830, with a chance to test 7.2010 today. However, major resistance at 7.2100 is still not expected. For the next one to three weeks, analysts foresee the USD continuing to trade within this range. They anticipate a narrower range of 7.1700 to 7.2100 will contain USD movements for now. Investors should do their own research since market conditions can have risks and uncertainties. With the dollar expected to trade within a set range, it’s wise to take advantage of low volatility and time decay. Avoid large, directional bets and instead choose strategies that benefit from the USD staying within a predictable range. Selling options premiums seems more favorable than buying them. With solid support around 7.1700 and significant resistance near 7.2100, we can create derivative positions around these levels. A strategy such as an iron condor, which involves selling a call spread above 7.2100 and a put spread below 7.1700, would be fitting. This position earns income as long as the USD/CNH pair stays between these strikes until the options expire.

Stable Outlook and Market Strategies

Recent data from the United States supports this steady outlook. The July 2025 Consumer Price Index (CPI) report shows inflation steady at a manageable 2.8%, giving the Federal Reserve little reason to adjust its current pause on interest rates. This indicates that the dollar will remain strong but is unlikely to make significant gains. At the same time, the People’s Bank of China is actively managing the yuan’s value to prevent sharp declines, similar to what we saw throughout 2024. On August 11, 2025, the PBoC set its daily yuan fixing rate much stronger than market expectations, showing its commitment to maintain stability. This reinforces the 7.2100 level as a strong ceiling for the dollar. Implied volatility in USD/CNH one-month options is currently low, around 4.5%, making it attractive to sell these contracts. We should consider selling out-of-the-money puts and calls with expirations in September and October 2025. This approach allows us to collect premiums as the currency pair moves sideways as anticipated. Create your live VT Markets account and start trading now.

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The USD showed mixed strength as trading began. It rose 0.09% against the EUR and 0.22% against the JPY but dropped 0.14% against the GBP. After the RBA cut rates by 25 basis points, the AUDUSD fell 0.45%. The US Consumer Price Index (CPI) is expected to rise, with a 0.2% increase forecasted for headline CPI and a 0.3% increase for core CPI. Yearly, headline inflation is projected at 2.8%, with core inflation estimated at 3.0%. The RBA cut rates to 3.60%, highlighting concerns about inflation slowing and the uncertain economic outlook. It predicts core inflation will be at 2.5% by 2027, with GDP growth expected to slow to about 2.0%. Bank of America noted a year-over-year increase of 1.8% in household credit and debit card spending, with a 0.6% rise month-over-month. In comparison, lower-income households experienced a 1.3% wage increase, while higher-income groups saw a rise of 3.2%.

US Small Business Optimism Index

The US small business optimism index rose to 100.3, with improved views on business conditions. However, 21% of businesses listed labor quality as their main concern. Before the CPI data release, US stocks made slight gains, with the Dow up by 32 points, S&P by 4.5 points, and NASDAQ by 25 points. US yields also increased, with the two-year yield at 3.772% and the 10-year at 4.290%. With the US CPI data set to be released today, August 12, 2025, we anticipate heightened market volatility. Current Fed funds futures indicate a 40% chance of a rate hike in September. If core inflation comes in higher than expected, those odds could rise. Traders should be prepared for increased options premiums on major currency pairs and indices ahead of the release. Market sentiment is already tense, evident from the CBOE Volatility Index (VIX) now around 18. This is much higher than the earlier summer levels and reflects uncertainty about the CPI and the Trump-Putin meeting scheduled for August 15. Given the mixed signals from Ukraine, buying protective puts on the S&P 500 might be a smart way to guard against potential geopolitical shocks.

Opportunities and Risk Management

We see a clear opportunity in the EURUSD pair due to disappointing German ZEW survey results. This data indicates a weak European economy, especially as the US seems stronger, creating a noticeable divergence. Selling out-of-the-money EURUSD call options could be an effective strategy to take advantage of potential euro weakness. The Reserve Bank of Australia’s decision to lower its interest rate to 3.60% sends a strong message regarding the Australian dollar. This move intends to stimulate a faltering economy at a time when iron ore prices—a crucial Australian export—have fallen nearly 15% since spring 2025. This supports our bearish outlook on the AUDUSD, making short positions or buying puts appealing. For USDJPY, the main issue is the significant difference between US and Japanese government bond yields. The US 10-year yield remains above 4.25%, while Japanese yields stay near zero, supporting a stronger dollar against the yen. We can create bullish option strategies for this pair but should remain cautious about any sudden global risk aversion that could strengthen the yen. Despite the bullish outlook, we are careful about the US economy’s prospects due to stress among lower-income households. The Bank of America report shows their wage growth slowing to just 1.3%, which could be a warning sign for future consumer spending—a key driver of the economy. This underlying weakness suggests that any long positions in US-focused assets should be managed carefully. Create your live VT Markets account and start trading now.

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OPEC is keeping its 2025 prediction for global oil demand growth steady at 1.29 million barrels per day (bpd), while raising its 2026 forecast to 1.38 million bpd.

OPEC Report Insights

The latest report has lowered the 2026 forecast for non-OPEC+ supply growth to 630,000 bpd, down from 730,000 bpd. It also predicts a decline of 100,000 bpd in U.S. tight oil production next year. In July, crude oil output averaged 41.94 million bpd, showing an increase of 335,000 bpd from June, thanks to higher OPEC+ production. These forecasts typically don’t impact the market directly, as actual pricing is often affected by market conditions that arise before changes materialize. External factors like U.S. economic reports and Federal Reserve decisions can influence expected demand growth and adjustments in oil prices. We believe OPEC’s forecasts support a positive view for oil prices as we approach 2026. A combination of steady demand growth this year and a forecasted drop in non-OPEC supply next year suggests a tighter market. Therefore, if prices dip in the coming weeks, they might present good buying opportunities. This perspective is bolstered by recent economic data from earlier this month. The U.S. July 2025 inflation report showed core CPI easing to 2.8%, raising expectations that the Federal Reserve might cut interest rates by year-end. As experienced during the low-rate period of the late 2010s, relaxed monetary policy generally boosts economic activity and oil demand.

Traders Strategic Considerations

On the demand side, recent data shows China’s crude imports in July 2025 reached their highest level in over a year. This suggests that their economic stimulus measures are working and supporting global demand. Strong demand from China offers a solid price foundation, supporting OPEC’s growth forecasts. The supply forecast also seems reliable when we look at U.S. production trends. The Baker Hughes rig count has been slowly declining throughout the first half of 2025, continuing the trend witnessed in 2024. This aligns with OPEC’s prediction of falling U.S. tight oil production next year, reducing a significant source of supply growth. Given this situation, traders might want to prepare for higher prices down the line. Buying long-term call options, such as those for March 2026, could be a smart move to take advantage of the expected tightening market. This strategy allows for potential gains while managing risk. In the short term, the recent increase in OPEC+ output for July may lead to some price stability or slight weakness. We should expect potential volatility ahead of major economic data releases. Traders could consider options strategies like straddles to capitalize on price movements in either direction over the next few weeks. Create your live VT Markets account and start trading now.

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The tradeCompass methodology from investingLive gives traders clear and unbiased guidance by focusing on key levels and price-action triggers. For Ethereum futures on August 12, 2025, a bullish outlook is suggested above $4,303, while a bearish view is indicated below $4,260. Currently, Ethereum’s price is $4,290, showing a slight bullish trend. Ethereum futures are within a range of $4,200 to $4,400, balancing between opposing forces until a clear trend forms. A strong movement above or below these key levels could signal a momentum shift. Recent news reports record ETF inflows of about $1 billion in just one day, raising total Ether ETF assets to around $25.7 billion. Interest in Ethereum-based yield models is increasing, and transaction counts are on the rise due to enhanced Layer 1 capacity. However, since around 97% of ETH addresses are currently in profit, traders should exercise caution regarding potential profit-taking. Ethereum’s stronger performance compared to Bitcoin shows the momentum behind Ethereum-centric narratives. TradeCompass stresses the importance of executing trades strategically, including taking partial profits and managing stops. This methodology promotes smart decision-making by aligning trades with specific levels and watching for unexpected movements. This guidance aims to provide traders with organized insights and frameworks, rather than direct financial advice. It’s essential to evaluate personal risk and responsibilities when trading. At this moment, we face a crucial decision point for Ethereum futures, with prices hovering around $4,290. The market is in a tight range between $4,260 and $4,303. How the market reacts in the next few days will likely determine the trend for the rest of August. If we sustain a move above $4,303, it would show that buyers are in control, confirming strong fundamental news. The incredible $1 billion inflow into spot Ether ETFs yesterday—totaling over $30 billion since their launch in 2025—reflects significant institutional demand. In this case, we would aim to hold long positions, targeting a liquidity area at $4,465 and potentially higher in the coming weeks. On the other hand, if the price drops below $4,260, sellers would take over, suggesting that this range could be a distribution top. With nearly 97% of all Ether wallets currently in profit, the risk of widespread profit-taking is high if this support level fails. A drop below this point would shift our focus to deeper support around $4,160 and possibly a retest of the $4,000 psychological level. For derivative traders, the current tight range has lowered implied volatility to its lowest level in three months. This situation offers an opportunity to prepare for a significant price breakout, which seems increasingly likely. Strategies like buying options for potential large price moves in either direction (such as straddles) could be effective. We should also keep an eye on ETH’s strong performance compared to Bitcoin, which has been a notable trend lately. As long as this trend continues, traders might prefer long ETH positions over long BTC, or even consider pairs trades like long ETH and short BTC futures. This relative strength is driven by the success of the new ETFs and increasing activity in decentralized finance. The surge in ETF demand will be a crucial factor to watch in the coming weeks. Total assets within these products have reached $25.7 billion, creating a consistent bid that supports price dips. If these inflows remain strong, the most likely path is upward once this consolidation phase ends. Looking back, a similar period of range-bound trading occurred after the launch of U.S. spot Bitcoin ETFs in January 2024. That consolidation was followed by a significant rally. We could see Ethereum follow a similar pattern, coiling up in mid-August before making a substantial move upward into September.

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