We are in a bullish trend and just need to cool down and think how far ahead we are.
In the first month of 2023, the crypto market outperformed all other assets (nearly +40% gains). The slowdown in Fed rate hikes and the fall in CPI make people feel that the spring is approaching. At this time, what you need to know is what the rapid rise in risk assets means for the policy maker. This week will usher in FOMC and employment data. Although there is a high probability that the interest rate will be raised by 25bp, we believe that Powell's speech will bring uncertainty to the market.
ETH's performance last week was still weaker than that of BTC. After reaching 1650, the bears strengthened very obviously. ETH is always controlled below the given resistance level. This wave of rising from the beginning of Jan did not show a strong trading volume, which was significantly different from the trading volume in the Nov-dump. Last Sunday's green candle was quickly covered by the red candle of this Monday.
Conclusion: There is a high probability that the callback has not ended. The bears is stronger than that of BTC. This makes us think that ETH's pullback will also be strong in depth and duration. Based on the price has fallen below the previous high, so we don't make a new support level for it with the same logic as BTC. We still retain the previously given support level 1330 and the resistance level 1650.
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 the first month of 2023, the crypto market outperformed all other assets (nearly +40% gains). The slowdown in Fed rate hikes and the fall in CPI make people feel that the spring is approaching. At this time, what you need to know is what the rapid rise in risk assets means for the policy maker. This week will usher in FOMC and employment data. Although there is a high probability that the interest rate will be raised by 25bp, we believe that Powell's speech will bring uncertainty to the market.
ETH's performance last week was still weaker than that of BTC. After reaching 1650, the bears strengthened very obviously. ETH is always controlled below the given resistance level. This wave of rising from the beginning of Jan did not show a strong trading volume, which was significantly different from the trading volume in the Nov-dump. Last Sunday's green candle was quickly covered by the red candle of this Monday.
Conclusion: There is a high probability that the callback has not ended. The bears is stronger than that of BTC. This makes us think that ETH's pullback will also be strong in depth and duration. Based on the price has fallen below the previous high, so we don't make a new support level for it with the same logic as BTC. We still retain the previously given support level 1330 and the resistance level 1650.
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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