Jun.8-Jun.14ETHWeekly market recap
Last week, we observed the movement of BTC and NDX during the same period. It is not difficult to find that in almost every trading day, BTC’s high point and closing price are higher.The bulls of BTC performed better than that of NDX. This is not seen in previous weeks. We believe this information matter something. But US CPI(8.6%) dealt a big blow to bulls' confidence, triggering a new decline. And the stETH event exacerbated the panic over the weekend. Wounds that haven't healed were wounded again.
The FOMC will be held this week, and the market's expectations for a rate hike changed from +50bp to +75bp after the US stock market opened yesterday. The Fed's final rate hike decision, as well as market concerns about the Fed's ability to handle the inflation, will determine the trend of the week.
Affected by the butterfly-effect, ETH has dumped as the leader of Defi tokens. It fell almost 35% in last week. This magnitude is the same as that of the LUNA event decline. It can be seen how easily the bulls can be disintegrated. In detail, after the CPI was announced on Friday, the price broke the given support level, and the downward slope became steeper over the weekend.
Conclusion: Mostly falling. The bearish trend is obvious after last week's decline. The same as BTC, although the price has recovered somewhat today, this price is not a strong support level at present, and it is likely to be broken down and fall again in the next few days. We move the support level to 1050, which is the low of the Jan. 2021 correction range. And lowered the resistance to 1430.
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 FOMC will be held this week, and the market's expectations for a rate hike changed from +50bp to +75bp after the US stock market opened yesterday. The Fed's final rate hike decision, as well as market concerns about the Fed's ability to handle the inflation, will determine the trend of the week.
Affected by the butterfly-effect, ETH has dumped as the leader of Defi tokens. It fell almost 35% in last week. This magnitude is the same as that of the LUNA event decline. It can be seen how easily the bulls can be disintegrated. In detail, after the CPI was announced on Friday, the price broke the given support level, and the downward slope became steeper over the weekend.
Conclusion: Mostly falling. The bearish trend is obvious after last week's decline. The same as BTC, although the price has recovered somewhat today, this price is not a strong support level at present, and it is likely to be broken down and fall again in the next few days. We move the support level to 1050, which is the low of the Jan. 2021 correction range. And lowered the resistance to 1430.
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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