Last week, the FOMC announced its decision to raise interest rates, economic projections and midpoint of target range or target level. A hike of 75 basis points was in line with market expectations. But the Fed lowered the economic forecast and forecast an unemployment rate of 4.4% in 2023. Throughout U.S. history, as long as the unemployment rate is above 4%, it will trigger a recession. A soft landing may not happen. Even worse is the midpoint, this time the 2022 terminal rate is a full 100 basis points higher than that given in June, which shows that the FOMC in November and December is still hawkish. The reversal point will come in 2024. As soon as the news came out, non-dollar assets all fell, and the market bottom may not have come yet.
ETH was fluctuating within our given range. After the price fell to the given support level, the bullish power increased significantly. As the price was not as close to a bottom as BTC’s, ETH’s rebound was relatively weak. The bears was not significantly consumed over the weekend, and a low-flow weekend doesn't mean the bottom provided enough support for a reversal.
Conclusion: Mostly fluctuation. The strength of the bulls and bears is currently close, so we give this conclusion. And for ETH, this support level has not been repeatedly tested, so the bullish power provided is stronger than that of BTC. We maintain the support level at 1230 and the resistance level at 1460 given last week.
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 was fluctuating within our given range. After the price fell to the given support level, the bullish power increased significantly. As the price was not as close to a bottom as BTC’s, ETH’s rebound was relatively weak. The bears was not significantly consumed over the weekend, and a low-flow weekend doesn't mean the bottom provided enough support for a reversal.
Conclusion: Mostly fluctuation. The strength of the bulls and bears is currently close, so we give this conclusion. And for ETH, this support level has not been repeatedly tested, so the bullish power provided is stronger than that of BTC. We maintain the support level at 1230 and the resistance level at 1460 given last week.
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.
