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ETH Aims for $1,700 as Investors Return Following a Sunday Break

Daniel Rogers

Nov 01, 2022 17:52

 截屏2022-11-01 下午5.00.13.png

 

Bitcoin (BTC) and ethereum (ETH) saw losses on Sunday, but concluded the week with gains of 5.42 percent and 16.63 percent, respectively. Despite the fact that expectations of a December Fed pivot provided support throughout the week, the pair experienced profit-taking on Sunday. Nevertheless, the technical indications remain optimistic, indicating additional increases in the coming week.

 

Bitcoin (BTC) declined by 0.89% on Sunday. BTC finished the week up 5.42% at $20,647, partially offsetting Saturday's 1.08% gain. Notably, Bitcoin closed the day at $20,000 for the sixth consecutive session, averting a drop below $20,000 for the fifth consecutive day.

 

After a volatile start to the day, BTC reached a high of $20,950 by mid-morning. BTC reached a late-day low of $20,532 after failing to surpass the First Major Resistance Level (R1) at $21,092. BTC momentarily breached the First Major Support Level (S1) at $20,576 before recovering partially to $20,647.

 

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On Sunday, Ethereum (ETH) declined 1.79 percent. ETH closed the week up 16.63% to $1,591, partially reversing a 4.18% gain from Saturday.

 

ETH reached a mid-morning high of $1,640 after a positive start to the day. ETH dropped to a late-afternoon low of $1,576 after failing to surpass the First Major Resistance Level (R1) at $1,673. ETH completed the day at $1,591, avoiding the First Significant Support Level (S1) at $1,557.

 

It was a calm conclusion to a bullish week, allowing investors to lock in profits prior to a significant week on the global financial markets. On Wednesday, the Federal Reserve will announce its interest rate decision. While the markets are relying for a 75-basis-point rate hike, the crypto bulls continue to be challenged by the Fed's December plans.

 

Due to the crypto market's sensitivity to US economic statistics and the Federal Reserve, the correlation between BTC and ETH and the NASDAQ Composite Index remains intact.

 

The FedWatch Tool placed the likelihood of November and December rate rises at 86.7% and 45.5%, respectively, this morning. Prior to one week, the probability of a 75-basis-point increase in December stood at 54.9%.

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