Jul.27-Aug.2ETH(1d)Weekly market recap
Last week, the interest rate decision has basically been priced in by the market, and +75bp did not bring much volatility. The U.S. Q2 GDP released on Thursday morning was -0.9%, and the consecutive negative value for two weeks announced that the U.S. economy has entered a technical recession. Risky assets performed strongly again last week, and most market participants believe that the CPI is already at the top, and the economic is at the bottom. The pace of rate hikes will gradually be dovish, which will benefit risky assets. From this week, the economic data for July will be released one after another, confirming whether inflation has peaked and whether the economy has bottomed..
Last week, the crypto-market fluctuated upwards. Many tokens have reached or broke our given resistance level, and some ALTs have even increased by more than 30%. The good news of ETH's merge, and low price, is gradually forming the basement for an bullish channel.
The given resistance level for ETH is clearer than BTC’s, so last week the price did not break through the resistance level significantly and fell. As the market leader, the rebound from the periodic bottom was violent and rapid, and pushed the price above 1700, which is the low level of decline before the rebound. There has strong selling pressure. So the price was fell back below 1700 again over the weekend. The rise at the beginning of the week was accompanied by a large trading volume, but the volume of falling was small, which we can also see on BTC. This is a very positive sign.
Conclusion: There is a high possibility that the rebound has not ended. Unlike BTC, the price of ETH is hovering near a strong resistance level, although the overall is bullish, but there will be a long period of fluctuation before rising. We raised the support level to 1420. For the resistance level, we think it is reasonable to keep it, the rebound is not over, but the possibility of directly attacking is very small.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Last week, the crypto-market fluctuated upwards. Many tokens have reached or broke our given resistance level, and some ALTs have even increased by more than 30%. The good news of ETH's merge, and low price, is gradually forming the basement for an bullish channel.
The given resistance level for ETH is clearer than BTC’s, so last week the price did not break through the resistance level significantly and fell. As the market leader, the rebound from the periodic bottom was violent and rapid, and pushed the price above 1700, which is the low level of decline before the rebound. There has strong selling pressure. So the price was fell back below 1700 again over the weekend. The rise at the beginning of the week was accompanied by a large trading volume, but the volume of falling was small, which we can also see on BTC. This is a very positive sign.
Conclusion: There is a high possibility that the rebound has not ended. Unlike BTC, the price of ETH is hovering near a strong resistance level, although the overall is bullish, but there will be a long period of fluctuation before rising. We raised the support level to 1420. For the resistance level, we think it is reasonable to keep it, the rebound is not over, but the possibility of directly attacking is very small.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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