Oct.26-Nov.1ETH(1d)Weekly market recap
The European Central Bank decided to raise interest rates by 75bp, and this Wednesday it was turn to FOMC-TIME. Although there is a high probability of raising interest rates by 75bp, Powell's speech still deserves attention. Recently, Nick Timiraos, who is regarded by the market as the Fed's spokesman has repeatedly hinted the path of Fed's rate hike. After leading last week's rebound, Nick's hawkish tweets over the weekend hindered risk assets. It should be familiar to us that Fed officials often make hawkish comments after risk assets rebound. Therefore, Powell's speech this Wednesday is critical and will determine whether the reversal of monetary policy is coming.
The performance of ETH is more brilliant than that of BTC. The max gain last week was nearly 24%, which seems like an excellent starting point for rise. And after the news of the ETH merger came out, ETH always kept a safe distance from the low of the year, which is also the reason that ETH was not suppressed by the bears at a larger level. Similar to BTC, there was no significant increase in bears during last week's rebound. The Saturday's rise took the price to a new high and low volume during the pullback.
Conclusion: There is a high possibility that the rebound will not end. We raised the resistance level to 1780. It is difficult for bears to increase power below this level, and adjusted the original resistance level of 1380 as the support level this time.
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.
The performance of ETH is more brilliant than that of BTC. The max gain last week was nearly 24%, which seems like an excellent starting point for rise. And after the news of the ETH merger came out, ETH always kept a safe distance from the low of the year, which is also the reason that ETH was not suppressed by the bears at a larger level. Similar to BTC, there was no significant increase in bears during last week's rebound. The Saturday's rise took the price to a new high and low volume during the pullback.
Conclusion: There is a high possibility that the rebound will not end. We raised the resistance level to 1780. It is difficult for bears to increase power below this level, and adjusted the original resistance level of 1380 as the support level this time.
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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