The CPI:9.1% was announced on last Wednesday, higher than expected, the voice of raising interest rates by +100bp became higher, and the cryptocurrencies dumped directly, but the dovish remarks of Biden and Fed officials have gradually turned the market to +75bp, risk assets turned to rise. The merger of ETH catalyzed the rising. ETH has gone out of the independent trend, and it has also driven the rise of the whole cryptocurrency market, and the sentiment is positive.
At the macro level, Biden ended his four-day visit to the Middle East, during which he did not persuade countries such as Saudi Arabia to significantly increase oil production. You know, the dovish remarks from both Biden and the officials on the CPI is based on a pullback in domestic oil prices. The effect of SPR is not as great as the increase in production. In this case, in addition to the FOMC at the end of this month, the OPEC meeting next month is equally important for risk assets.
ETH had a brilliant performance last week. The positives from the Ethereum merger prompted rising and maintained continuity. After hitting the given support level, the bulls grew rapidly and three green candles allowed the price to bounce back to the upper rail of the range. Further rising formed a breakout on Jul.16, and rising with high volume on Monday formed a bullish confirmation. The performance of ETH led to a market-wide rebound that saw most cryptocurrencies break through their previous highs. ETH itself remains in a bullish trend.
Conclusion: High probability that the rebound is not over, and it may be the start of the rising. The bulls have been confirmed, so we think it will be difficult for the rebound to end quickly. On the other hand, ETH rose by 18% on Monday. This value is very huge, and the trading volume is heavy, with reversal energy. This week we raised support level at 1330, which was confirmed by the bulls, and resistance level at 1700, which was a low before the decline.
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.
At the macro level, Biden ended his four-day visit to the Middle East, during which he did not persuade countries such as Saudi Arabia to significantly increase oil production. You know, the dovish remarks from both Biden and the officials on the CPI is based on a pullback in domestic oil prices. The effect of SPR is not as great as the increase in production. In this case, in addition to the FOMC at the end of this month, the OPEC meeting next month is equally important for risk assets.
ETH had a brilliant performance last week. The positives from the Ethereum merger prompted rising and maintained continuity. After hitting the given support level, the bulls grew rapidly and three green candles allowed the price to bounce back to the upper rail of the range. Further rising formed a breakout on Jul.16, and rising with high volume on Monday formed a bullish confirmation. The performance of ETH led to a market-wide rebound that saw most cryptocurrencies break through their previous highs. ETH itself remains in a bullish trend.
Conclusion: High probability that the rebound is not over, and it may be the start of the rising. The bulls have been confirmed, so we think it will be difficult for the rebound to end quickly. On the other hand, ETH rose by 18% on Monday. This value is very huge, and the trading volume is heavy, with reversal energy. This week we raised support level at 1330, which was confirmed by the bulls, and resistance level at 1700, which was a low before the decline.
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.
