Oct.17-Oct.23(ETH)Weekly market recap
Tokens have continued their gains over the last week, pricing in the approval of a BTC ETF. The market experienced FOMO yesterday, mainly because Bloomberg analyst Eric Balchunas found that The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be IBTC. Although this is not equivalent to the SEC’s approval of BlackRock’s BTC ETF application, it has never reached this stage in previous BTC ETF applications. The crypto market was set on fire.
On the macro level, crude oil have fallen, but regional wars will still put pressure on oil. It can be seen from the US CPI data in September that core CPI continues to decline and inflation further improves due to the efforts of the Federal Reserve. On the probability chart of CME's forecast for FOMC interest rate hikes, we even saw a 1.5% probability of a 25bp rate cut by the FOMC in November. Although we all know that interest rate cuts will not happen immediately, inflation has indeed passed the worst period.
As we mentioned in our last recap, ETH continued to perform weaker than BTC last week. This also shows that in the market, BTC ETF drives BTC, and BTC drives other tokens. ETH broke above the early October high 1750, which was accompanied by increased trading volume. So we raise the resistance level to 1900 and the support level to 1750. On a large level, ETH turns neutral, will continue to remain volatile.
During last week's rise, whales did not appear in the early stages of the rise. In contrast, the appearance of whales was concentrated yesterday. This confirms the weak performance of ETH in the previous days. Whales will only participate in ETH transactions when there is good news.
Switch to level 4h. At this level, the situation for ETH and BTC is close. During the pump process, whales participated in the transaction. Although an upward pin-bar also appeared, the length was not significant and was not enough to disrupt the bullish trend. Looking at the ME indicator, ETH is changing from a bearish trend to a bullish trend.
Based on all the above information, we believe that for ETH, the current price level does not face as strong a selling pressure as BTC. Bulls strengthened in the later stages of the rise and may outperform BTC in the short term, but they will still be driven by BTC in the long term.
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 the macro level, crude oil have fallen, but regional wars will still put pressure on oil. It can be seen from the US CPI data in September that core CPI continues to decline and inflation further improves due to the efforts of the Federal Reserve. On the probability chart of CME's forecast for FOMC interest rate hikes, we even saw a 1.5% probability of a 25bp rate cut by the FOMC in November. Although we all know that interest rate cuts will not happen immediately, inflation has indeed passed the worst period.
As we mentioned in our last recap, ETH continued to perform weaker than BTC last week. This also shows that in the market, BTC ETF drives BTC, and BTC drives other tokens. ETH broke above the early October high 1750, which was accompanied by increased trading volume. So we raise the resistance level to 1900 and the support level to 1750. On a large level, ETH turns neutral, will continue to remain volatile.
During last week's rise, whales did not appear in the early stages of the rise. In contrast, the appearance of whales was concentrated yesterday. This confirms the weak performance of ETH in the previous days. Whales will only participate in ETH transactions when there is good news.
Switch to level 4h. At this level, the situation for ETH and BTC is close. During the pump process, whales participated in the transaction. Although an upward pin-bar also appeared, the length was not significant and was not enough to disrupt the bullish trend. Looking at the ME indicator, ETH is changing from a bearish trend to a bullish trend.
Based on all the above information, we believe that for ETH, the current price level does not face as strong a selling pressure as BTC. Bulls strengthened in the later stages of the rise and may outperform BTC in the short term, but they will still be driven by BTC in the long term.
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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