Sep.14-Sep.20ETH(1d)Weekly market recap
CPI,8.3% released last Tuesday was higher than market expectations, which means that the marginal impact of hikes on inflation has weakened. The market has to get into the thinking of strengthening QT or extending QT. It also contributed to the dump in risk assets.
In addition, the cryptocurrency also faced the merger of ETH last week. Although the merger process was smooth, the price fell sharply after the merger. We see exchange balance of ETH remain very high both before and after the merger, and it didn't drop even yesterday, which could constitute a lot of selling pressure.
This week, the FOMC will be announced, and decide how much the rate rise and the size of the terminal interest rate, which will greatly affect the trend of risk assets.
The advantage from the merger created a good base, but the same, with no additional surprises, making the decline as crazy. ETH fell 25% in the last week. The candles were not the same as BTC’s, there was no sign of slowing down, and the price fell down step by step. We can see that even on a low-circulation day like Sunday, the price fell through the strong support at 1400. Although a needle formed yesterday and was accompanied with high volume, the bears did not have a significant decay process at the daily level.
Conclusion: Mostly falling. Relative to BTC, except for the bottom support, ETH has a strong support level at 1230 , so we set 1230 as the support level this week. For the resistance level, we set down to 1460, which is the last bearish confirmation point and also the open price of the candle which has broken 1400.
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.
In addition, the cryptocurrency also faced the merger of ETH last week. Although the merger process was smooth, the price fell sharply after the merger. We see exchange balance of ETH remain very high both before and after the merger, and it didn't drop even yesterday, which could constitute a lot of selling pressure.
This week, the FOMC will be announced, and decide how much the rate rise and the size of the terminal interest rate, which will greatly affect the trend of risk assets.
The advantage from the merger created a good base, but the same, with no additional surprises, making the decline as crazy. ETH fell 25% in the last week. The candles were not the same as BTC’s, there was no sign of slowing down, and the price fell down step by step. We can see that even on a low-circulation day like Sunday, the price fell through the strong support at 1400. Although a needle formed yesterday and was accompanied with high volume, the bears did not have a significant decay process at the daily level.
Conclusion: Mostly falling. Relative to BTC, except for the bottom support, ETH has a strong support level at 1230 , so we set 1230 as the support level this week. For the resistance level, we set down to 1460, which is the last bearish confirmation point and also the open price of the candle which has broken 1400.
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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