On Tuesday last week, the U.S. Department of Labor released the CPI for November, and the CPI dropped further. At Wednesday's FOMC press conference, Powell said that although the possibility of raising interest rates will be retained in the FOMC report, for him, the interest rate hikes are basically over, and various factors will be considered in subsequent monetary policy adjustments. Shortly after Powell finished his speech, CME's interest rate path showed that the market predicted that there would be five 25bp interest rate cuts in 2024, with the earliest one occurring in March 2024. This provides conditions for BTC to rise further.
ETH maintained a decline with fluctuation last week. We can see that the fluctuations made it reach the given resistance level and the given support level, but did not break through them. Relative to BTC, ETH has higher trading volume, but the bulls are weaker. We maintain our previous resistance level 2300 and support level 2120. Judging from the ME indicator, ETH maintains a bullish trend. On the WTA indicator, there are not many whales.
Switching to the 4h level, the situation of ETH is not good. Although there are consecutive green candles, hardly whales to be seen on the WTA indicator, and retail investor participation is also decreasing. On the ME indicator, the purple wavy area is close to disappearing. The current rally is fragile.
To sum up, we believe that ETH will most likely fall and may remain volatile.
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.
ETH maintained a decline with fluctuation last week. We can see that the fluctuations made it reach the given resistance level and the given support level, but did not break through them. Relative to BTC, ETH has higher trading volume, but the bulls are weaker. We maintain our previous resistance level 2300 and support level 2120. Judging from the ME indicator, ETH maintains a bullish trend. On the WTA indicator, there are not many whales.
Switching to the 4h level, the situation of ETH is not good. Although there are consecutive green candles, hardly whales to be seen on the WTA indicator, and retail investor participation is also decreasing. On the ME indicator, the purple wavy area is close to disappearing. The current rally is fragile.
To sum up, we believe that ETH will most likely fall and may remain volatile.
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.
