Weekly market recap
Weekly market recap(from September 7th to September 14th)
The crypto-market got a wave of gains last week, and the bullish attitude in some currencies has continued today. And starting this week, economic data, ETH merger, and FOMC will come one after another. The CPI data will be released in a little while, and almost everyone thinks it will fall, but how much will determine the hike at the end of September and the terminal federal funds rate. In two days, the merger of the ETH execution layer will also be launched. We can see from the data on the chain that the funding rate of ETH perpetual futures has shown a large-scale bearish attitude, which may be caused by some people’s hedging. This also illustrates the criticality of the merger.
BTC
BTC started to rebound after touching the given support level last week, and on Friday rose with high volume, directly breaking the given resistance level. And the price did not turn down during the low-volume weekend. Another high volume rise took place on Monday, with the price almost coming back to where it started falling on Aug.19. We can see 7 green candles, which tells the strength of the bulls and it is difficult for the price to stop there.
Conclusion: Mostly rising. On the other hand, for BTC, the price once again generated a strong rebound at 19000. A bottom has been formed and the strength of the bulls is evident. So we raised the resistance level to 24500 and the support level to 21400.
ETH
ETH started a new rebound after we published the last recap. However, unlike BTC, starting from Sep.11, the price entered a correction and did not continue to rise. Perhaps this is related to the uncertainty of ETH merger. But it also reflects that the bulls of ETH last week did not stronger than BTC’s. In the last week, ETH was more like a follower, while BTC was the leader.
Conclusion: Mostly rising. The overall shape of ETH is always in the process of rebounding. Although it encountered some problems in the last week, the proper correction will not change anything. We remain bullish on ETH this week. We raised the support level to 1560. Considering last weekend’s pullback, we left the resistance level unchanged at 1830.
SOL
SOL’s performance last week surprised us, turning up after hitting its previous low, and it has risen no less than BTC and ETH in the last week, especially on Monday. With the overall market bullish, SOL is not far behind. However, it should be noted that although the price has risen sharply, the trading volume is not as large as it was in the previous rebound process. In this case, the built support level will be weak.
Conclusion: Mostly rising. We are also bullish on SOL this week. We raised the support level to 35 and the resistance level to 43.
Disclaimer: Nothing in the article constitutes investment advice. The article 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 article 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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