Oct.24-Oct.30(ETH)Weekly market recap

After the pump, though BTC did not continue to hit 35000, it remained fluctuating around 34000. If you are an experienced cryptoer, you must know that many altcoins will experience violent pumps at this time. It also should be noted that our research department noticed through on-chain data that there was a lot of profit-taking events in BTC last week. This does not mean that BTC will quickly turn downward, but the FOMO has gradually weakened.

On the macro level, this Wednesday, the Federal Reserve will hold the FOMC. The market predicts that there is a high probability that interest rates will not be raised. Whatever, this has less and less impact on crypto. Only when QT turns to QE, crypto will be affected by monetary policy. But this may have to wait until the end of 2024.

Over the last week, ETH has seen a lot of upward pin-bars. We previously expected that ETH might perform better than BTC, but it did not. ETH remains near 1800, and the power of bears has not directly increased, which is a good thing. And the resistance faced by ETH is not as great as that faced by BTC. We maintain last week’s resistance level 1900 and support level 1750.

Although on the WTA indicator, the blue column representing the whale disappeared, there was no destructive candle, and the whale did not urgently take profit. This is similar to BTC. The ME indicator maintained a bearish trend over the last week.

At the 4h level, it is similar to BTC. On this level, ETH maintains the bullish trend, but trading volume has declined and market participation has declined amid the ongoing choppy trading.

Based on all the above information, it is possible for ETH to reach 1800 and continue to rise. But with fewer whales, fluctuation are more likely.

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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