Aug.22-Aug.28ETH(1d)Weekly market recap
Powell spoke at the Jackson Hole conference last week. There were no extra hawkish or dovish surprises in the content. He repeated the Fed's determination to reduce inflation and that monetary policy will depend on economic data. During the course of the presentation, financial assets fluctuated, but did not trend.
On this Friday, the US will release employment data for August, and if the actual value do not deviate significantly from the expected value, there will be little affect on financial assets. Although the DXY has hit other financial assets in the past few weeks, it is certain that the Fed's interest rate hike is gradually coming to an end. Be patient and have a good attitude.
ETH and BTC are in almost the same situation. After the dump, the volatility decreases. ETH remained in a new range. Different from BTC, the bulls of ETH seem to be weaker, and the price movement is more like a small drop with fluctuation. Bears decayed in the process, but bulls did not strengthen. Despite a longer pin-bar last week, ETH did not effectively breakthrough the Jun.15 low.
Conclusion: Mostly fluctuation. We draw this conclusion based on the fact that both bulls and bears are currently weak. ETH remains neutral on a large scale. We maintain the previous resistance level at 1820 and support level at 1500.
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.
On this Friday, the US will release employment data for August, and if the actual value do not deviate significantly from the expected value, there will be little affect on financial assets. Although the DXY has hit other financial assets in the past few weeks, it is certain that the Fed's interest rate hike is gradually coming to an end. Be patient and have a good attitude.
ETH and BTC are in almost the same situation. After the dump, the volatility decreases. ETH remained in a new range. Different from BTC, the bulls of ETH seem to be weaker, and the price movement is more like a small drop with fluctuation. Bears decayed in the process, but bulls did not strengthen. Despite a longer pin-bar last week, ETH did not effectively breakthrough the Jun.15 low.
Conclusion: Mostly fluctuation. We draw this conclusion based on the fact that both bulls and bears are currently weak. ETH remains neutral on a large scale. We maintain the previous resistance level at 1820 and support level at 1500.
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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