Aug.15-Aug.21ETH(1d)Weekly market recap
The strong performance of DXY has had an impact on many financial assets. US stocks, gold, foreign exchange and crypto have entered a callback. Powell will deliver a speech at the Jackson Hole conference this Friday, and the content of the speech will determine whether the strong DXY will be terminated.
In addition, the long-term fluctuation caused most tokens to dump last week. BTC and ETH almost covered the rise brought about by the BTC spot ETF. Many Alts came to the year-lows. Market confidence took a hit.
ETH had a significant dump with increased trading volume last Thursday, the price broke through our given support level, and approached the low of Jun.15, 1650. Volatility fell again after a brief spike, and price have remained fluctuating from Friday. ETH remains neutral on a large scale, but if the price breaks the 1650, then it will turn bearish.
Conclusion: There is a high probability that the fall has not ended. Although the strength of the bears has decayed after the dump, bulls isn’t strengthening. We lower the resistance level to 1820 and the support level to 1500. The bulls may strengthen around 1650, but we think 1500 is more appropriate as a weekly support level.
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.
In addition, the long-term fluctuation caused most tokens to dump last week. BTC and ETH almost covered the rise brought about by the BTC spot ETF. Many Alts came to the year-lows. Market confidence took a hit.
ETH had a significant dump with increased trading volume last Thursday, the price broke through our given support level, and approached the low of Jun.15, 1650. Volatility fell again after a brief spike, and price have remained fluctuating from Friday. ETH remains neutral on a large scale, but if the price breaks the 1650, then it will turn bearish.
Conclusion: There is a high probability that the fall has not ended. Although the strength of the bears has decayed after the dump, bulls isn’t strengthening. We lower the resistance level to 1820 and the support level to 1500. The bulls may strengthen around 1650, but we think 1500 is more appropriate as a weekly support level.
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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