Hi fans, another week has passed. The cryptocurrency did not sustain strong buying power after the spree early last week, and the price falling back. With the benefit of the ETH merger, we see signs of a recovery in capital, and it is not in a hurry to leave the crypto looking for a safe haven for QT. But on the other hand, it should be noted that even if the capital is growing up, there is still a big gap from supporting a large-scale rebound.
This week the market will face the impact of macroeconomic data. This Wednesday and Thursday will announce the interest rate decision and the US GDP of Q2. According to the CME prediction model, +75bp is more likely than +100bp. Although both are bad for risky assets, but various markets have already fully priced in +75bp. The situation of Q2 GDP may bring more additional surprises. At present, according to US10YR and US2YR, Q2 is likely to maintain a recession, thus affecting the supply and demand situation.
After the pump of ETH last week, the price approached the resistance level, and the bears gradually increased. It has fluctuated at a high level for 6 days. These 6 candles all have long pins. The original strong bullish power was repeatedly consumed here, and finally yesterday , the price has fallen sharply with a high volume. Although last week was the best opportunity, it is not the only one for ETH. The advantage in the early stage makes it still possible to break through 1700. The bears is not decisive, only can cause another decline by consuming the power of the bulls, which is different from the previous large-scale declines.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound has not ended. ETH's better position allows us to reserve the possibility of rising. We have retained last week's resistance level at 1700 and support level at 1330. But still need to pay attention to the FOMC and Q2GDP, too large deviation from expectations may destroy our TA.
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.
This week the market will face the impact of macroeconomic data. This Wednesday and Thursday will announce the interest rate decision and the US GDP of Q2. According to the CME prediction model, +75bp is more likely than +100bp. Although both are bad for risky assets, but various markets have already fully priced in +75bp. The situation of Q2 GDP may bring more additional surprises. At present, according to US10YR and US2YR, Q2 is likely to maintain a recession, thus affecting the supply and demand situation.
After the pump of ETH last week, the price approached the resistance level, and the bears gradually increased. It has fluctuated at a high level for 6 days. These 6 candles all have long pins. The original strong bullish power was repeatedly consumed here, and finally yesterday , the price has fallen sharply with a high volume. Although last week was the best opportunity, it is not the only one for ETH. The advantage in the early stage makes it still possible to break through 1700. The bears is not decisive, only can cause another decline by consuming the power of the bulls, which is different from the previous large-scale declines.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound has not ended. ETH's better position allows us to reserve the possibility of rising. We have retained last week's resistance level at 1700 and support level at 1330. But still need to pay attention to the FOMC and Q2GDP, too large deviation from expectations may destroy our TA.
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.
