Last Friday NFP was released at 52.8, an astonishing number. We're not going to discuss why it's double the market forecast, it may be based on the Democratic Party’s specific formula. However, after this number was announced, some traditional markets like interest rate swap,DXY, gold and bond markets began to price in +75bp in September, and there was even talk of a temporary FOMC in the August. Hawkish atmosphere intensified. However, risky assets such as U.S. stocks and BTC did not show a major decline, but fluctuated at a high level. In the crypto-market, some altcoins have made new highs of nearly two months. That’s a magical phenomenon. This Wednesday, July's CPI will be released, which is very important for the trend of the following month.
ETH is in line with our judgment. It maintained the strength of previous weeks, was affected by bears at the beginning of last week, fluctuated widely under resistance, and rose on high volume last Friday, reaching its previous high, and after a boring weekend, it rose again on Monday, finally standing above the resistance level. Take out the boring weekend and you'll find that it maintained the bulls' strength on Friday and Monday which like BTC.
Conclusion: There is a high possibility that the rebound has not ended. We still believe that this is a rebound because the rate of rise slowed down and confirmation has not yet occurred on the weekly. Currently the bulls remain strong and a bullish channel provides support. We left the support level at 1420 unchanged and raised the resistance level to 2000. Although this target price is 12% away from the current price, ETH has all the conditions to hit this target.
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.
ETH is in line with our judgment. It maintained the strength of previous weeks, was affected by bears at the beginning of last week, fluctuated widely under resistance, and rose on high volume last Friday, reaching its previous high, and after a boring weekend, it rose again on Monday, finally standing above the resistance level. Take out the boring weekend and you'll find that it maintained the bulls' strength on Friday and Monday which like BTC.
Conclusion: There is a high possibility that the rebound has not ended. We still believe that this is a rebound because the rate of rise slowed down and confirmation has not yet occurred on the weekly. Currently the bulls remain strong and a bullish channel provides support. We left the support level at 1420 unchanged and raised the resistance level to 2000. Although this target price is 12% away from the current price, ETH has all the conditions to hit this target.
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.
