Aug.31-Sep.6ETH(1d)Weekly market recap
Based on the White House's warning last Monday and the ADP data on last Wednesday, the market has already priced in the soft NFP and a higher unemployment rate on last Friday. When this time did come, the market didn’t magnify the volatility. After entering September, the pace of B/S reduction will double, but the impact will be small in recent months. The reason is that the TGA account and RRP on the B/S will share the pressure on the reserve account up front, slowing down the decline of Cheap Money in the market.
This week, the first step of ETH merger, Bellatrix's upgrade will begin. Judging from the market, the success of the merger will determine the trend of the next cycle.
Last week, ETH was more active than BTC. After approaching the given support level, the strength of the bulls has increased significantly. The price kept a upward trend. After a short stay at 1570, it continued to rise and stood firm at 1600. Although the trading volume has gradually decreased, the price volatility is in line with the judgment of bulls and bears. In detail, the bulls has weakened last week, but the bears has also been weak, making it still under the control of the bulls.
Conclusion: Mostly rising. The price is currently in the middle of our given range, and with the bulls not losing power, we think the price still has room to rise before hitting resistance. Here’s
technical analysis, and as the shrinking volume shows, people will be more focus on the ETH merger process starting this week. We maintain previous support level at 1400 and resistance level at 1830.
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.
This week, the first step of ETH merger, Bellatrix's upgrade will begin. Judging from the market, the success of the merger will determine the trend of the next cycle.
Last week, ETH was more active than BTC. After approaching the given support level, the strength of the bulls has increased significantly. The price kept a upward trend. After a short stay at 1570, it continued to rise and stood firm at 1600. Although the trading volume has gradually decreased, the price volatility is in line with the judgment of bulls and bears. In detail, the bulls has weakened last week, but the bears has also been weak, making it still under the control of the bulls.
Conclusion: Mostly rising. The price is currently in the middle of our given range, and with the bulls not losing power, we think the price still has room to rise before hitting resistance. Here’s
technical analysis, and as the shrinking volume shows, people will be more focus on the ETH merger process starting this week. We maintain previous support level at 1400 and resistance level at 1830.
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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