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In Week 41 of 2023, Ether (ETH) fell by 3.2% to around $1,581, while Bitcoin (BTC) remained stable at $27,880. The NASDAQ index decreased by 0.2%, closing at $13,407, and the S&P 500 increased by 0.4% to $4,328.
Year-to-date, BTC and ETH outperformed equities, with BTC up by 69% and ETH up by 32%, while NASDAQ gained 29%, S&P 500 increased by 13%, and iShares STOXX EU 600 was up by 4%.
US CPI for September stood at 3.70%, matching the Fed of Cleveland's expectations. Core CPI decreased from 4.3% to 4.1%, below the Fed's projections.
The Fed expected core US CPI to reach 3.7% by year-end 2023 and 2.6% in 2024, with a return to the 2% target by 2026.
The focus in the cryptocurrency market is on potential Bitcoin ETF approvals, with the SEC's decision supporting this. Watch for the FED and ECB monetary policy meetings and the US CPI figures for October 2023. Market sentiment is "Neutral."
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #HotTopicDiscussion# Ethereum (ETH) Testing $1,500 Support: More Dump Expected?
Ethereum (ETH) faced a lackluster response to the launch of its futures Exchange-Traded Funds (ETFs), in stark contrast to the initial enthusiasm seen with Bitcoin (BTC) futures ETFs. Over recent weeks, trader activity has dwindled, resulting in remarkably low transaction fees on the Ethereum network, the lowest since late 2022.
On a recent trading day, Ethereum’s value experienced a decline, hovering around the $1,580 mark. After briefly reaching a high of $1,584 on Wednesday, ETH/USD saw an intraday dip to $1,548.
Ethereum (ETH) – A Performance Overview
The $1,550 support level is currently undergoing a critical test. If it holds, there is a chance for the bulls to maintain the price in the current range near $1,600. However, if this support level breaks, the next support at $1,500 may not be sufficient to prevent a further decline, potentially leading to a drop to $1,375.
The fate of Ethereum’s price is also intertwined with market sentiment, hinging on the SEC’s potential approval of the ETF and the continued interest in cryptocurrency derivatives. The primary resistance level of Ethereum remains at $1,750, a level that has previously influenced the price. The next significant target is the $1,975 mark, which holds more significance.
At the time of writing, ETH is trading at $1,552, showing a 1.50% decline over the past 24 hours and a 0.79% decrease over the last month. Further, the daily trading volume has dropped by approximately 11% in the past 24 hours. However, there is still potential for short-term bullish sentiment to persist, with a key resistance level around the $1,600 range.
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