Oct.3-Oct.9(ETH)Weekly market recap
The outbreak of the Israel-Hamas war caused the price of crude oil to rise again after a callback. The U.S. CPI for September will be released on Wednesday. The continued rise of oil prices may lead to a rebound in CPI. Judging from the reactions of various countries in the Middle East, the Israel-Hamas war may further escalate into a regional war. The decline in oil price may stop.
For the crypto-market, the SEC was originally scheduled to give its final action for the Grayscale case on Oct.13, whether to continue the appeal or re-examine. SEC actions have driven BTC volatility in recent months. Therefore, the decision may cause BTC to choose a direction.
ETH underperformed BTC last week, with the price back below 1600, covering previous gains, and showing no signs of bulls increasing on the way down. We maintain last week’s resistance level 1820 and support level 1500.
On the WTA indicator, we can also see a completely different situation from BTC. The blue columns representing the whale almost disappeared after the rally ends. And just like when we analyzed other tokens before, in the process of the whale disappearing, the long red candle appeared. This resulted in rising gains being quickly destroyed.
Switching to the 4h level, we can see that on the WTA indicator, the blue column appeared after the decline (shown in the green rectangle). Especially in the past few days, the growth of the blue column has become obvious. This shows that whales may accumulate again after ETH is back to 1600. Judging from the ME indicator, the bullish trend of ETH gradually weakens and is in the process of switching to a bearish trend.
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.
For the crypto-market, the SEC was originally scheduled to give its final action for the Grayscale case on Oct.13, whether to continue the appeal or re-examine. SEC actions have driven BTC volatility in recent months. Therefore, the decision may cause BTC to choose a direction.
ETH underperformed BTC last week, with the price back below 1600, covering previous gains, and showing no signs of bulls increasing on the way down. We maintain last week’s resistance level 1820 and support level 1500.
On the WTA indicator, we can also see a completely different situation from BTC. The blue columns representing the whale almost disappeared after the rally ends. And just like when we analyzed other tokens before, in the process of the whale disappearing, the long red candle appeared. This resulted in rising gains being quickly destroyed.
Switching to the 4h level, we can see that on the WTA indicator, the blue column appeared after the decline (shown in the green rectangle). Especially in the past few days, the growth of the blue column has become obvious. This shows that whales may accumulate again after ETH is back to 1600. Judging from the ME indicator, the bullish trend of ETH gradually weakens and is in the process of switching to a bearish trend.
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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