RLinda ! ETHUSD-> ETH is stronger than BTC & SP500

4 feb 2023

ETHEREUM looks stronger on the daily chart than the same Bitcoin or SP500 index after the fundamental data release on Thursday and Friday. What happened and what should we expect?

• Ethereum rises 1% while market falls
  
• Bitcoin, the world's largest cryptocurrency, fell after U.S. jobs report
  
• The SP500 index is down 1.09% since opening
  
• The U.S. economy managed to add an astonishing 517,000 new jobs last month, more than double analysts' forecasts.
  
• The unemployment rate is now at a 50-year low of 3.4%.
  
• Worth noting that economists predicted 188,000 new jobs and an unemployment rate of 3.6%.
  
• Risked assets have fallen lower as investors now expect the Federal Reserve to continue raising interest rates to fight inflation.
  

On the daily timeframe, ethereum is approaching a strong resistance zone (downside resistance from May 15, 2022 and a strong resistance level of 1662.8)
A pre-breakout consolidation in the format of an ascending triangle ABCD is forming. The dynamic buyers are beginning to feel confident and come closer and closer to the level, in order to increase the volumes from a shallower distance and break through the 1662.8 area more easily
Also, a wedge is forming on the global chart, and a break-down of the pattern resistance, which has been consolidating for quite some time, can send the price far enough.
The medium-term outlook (levels): 1780, 1870, 2020

Regards R. Linda!

5 feb 2023

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5 feb 2023

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