Oct.10-Oct.16(ETH)Weekly market recap
The fake news released by Cointelegraph sent BTC on a rollercoaster ride. BTC quickly rose to above 30000, and then fell back just as quickly. BlackRock ultimately confirmed that iShare is still in the review process. The farce has seen more than $100 million in BTC liquidations in the past 24 hours. It undermined market confidence.
On a macro level, peace talk between Israel and Hamas was cancelled. The war may continue and even expand into regional wars. The price of crude oil will keep rising.
ETH’s performance was still weak last week. Price kept falling in the early of last week, hitting half-year-lows. Even yesterday, ETH’s gains and volume were only in line with recent averages. We lower the resistance level to 1750 and maintain the original support level 1500.
We can see from the ME indicator that ETH is always below the yellow wavy area that represents a bearish trend. Bulls is weak. Not only are the blue columns representing whales, but ETH’s trading volume has decrease in the past half year, even the gray bars representing retail investors are also decreasing.
At the 4h level, we can see that after the fake news leaked, like other tokens, many whales participated in ETH transactions. But before that, whale participation was low (shown by the black rectangle). This is not quite the same situation as BTC. This is one of the reasons why we think bulls of ETH is weak.
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.
On a macro level, peace talk between Israel and Hamas was cancelled. The war may continue and even expand into regional wars. The price of crude oil will keep rising.
ETH’s performance was still weak last week. Price kept falling in the early of last week, hitting half-year-lows. Even yesterday, ETH’s gains and volume were only in line with recent averages. We lower the resistance level to 1750 and maintain the original support level 1500.
We can see from the ME indicator that ETH is always below the yellow wavy area that represents a bearish trend. Bulls is weak. Not only are the blue columns representing whales, but ETH’s trading volume has decrease in the past half year, even the gray bars representing retail investors are also decreasing.
At the 4h level, we can see that after the fake news leaked, like other tokens, many whales participated in ETH transactions. But before that, whale participation was low (shown by the black rectangle). This is not quite the same situation as BTC. This is one of the reasons why we think bulls of ETH is weak.
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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