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ETHEREUM: Price EXPLODE in the last Hours - $2000 TargetThis year has started off well for crypto investors, with many cryptocurrencies rising in value in recent weeks. After falling nearly 68% last year, Ethereum is now up more than 26% in 2023. This rise is encouraging for investors, implying that the worst-case scenario of this crypto-winter may be in the rearview mirror. Ethereum was recently priced at slightly less than $1,500 per token. However, many investors are optimistic about its prospects, and it is possible that it will rise above $2,000. Does this imply that now is a good time to buy? The cryptocurrency market remains largely speculative. Nobody knows what its future holds, or even if it will exist in a decade or two. So, when deciding where to invest, consider the cryptocurrency's long-term potential. Ethereum is currently one of the most promising cryptocurrency investments. It has a distinct set of benefits, which include: Ethereum was launched in 2015, years before competitors such as Solana, Cardano, and Avalanche. It contributed to it becoming one of the most widely used blockchains in the cryptocurrency industry. Ethereum is also the most popular network for decentralized applications (dApps), such as DeFi projects, NFT markets, and the metaverse. It is also an open-source blockchain, which means that developers can build new projects on it. If any of these projects succeed, Ethereum will only benefit. Ethereum can also host other cryptocurrencies on its network, and it is home to several well-known projects, including Shiba Inu, Polygon, The Sandbox, and Decentraland. If any cryptocurrency hosted on the Ethereum blockchain becomes successful, Ethereum will benefit. Ethereum, like any other investment, has drawbacks. For example, the network continues to struggle with slow transaction speeds and high fees, causing users to be dissatisfied. However, developers are working hard to improve the blockchain. The Merge, the long-awaited 2022 update, went off without a hitch, successfully transitioning Ethereum from a proof-of-work protocol to a proof-of-share protocol. In addition, an upcoming update, Shanghai, will aid in the mining process. Future Ethereum updates are also expected to improve efficiency and reduce fees, with the most significant of these scheduled for 2023 or 2024. The decision to invest in Ethereum now will be influenced by a number of factors, including your long-term prospects and risk tolerance. Again, all cryptocurrencies are still purely speculative at the moment, so despite Ethereum's advantages, there is no guarantee that the sector as a whole will thrive in the long run. However, if you believe in Ethereum's potential and are willing to take the risk, now is an excellent time to invest. However, before you invest, check your finances and your overall portfolio. Ethereum is no exception to the rule that cryptocurrencies are notoriously volatile. Don't invest anything you can't afford to lose, and make sure you're willing to keep your money invested for a long time. Also, expect more volatility in the short term. Additionally, ensure that the rest of your portfolio is well-diversified. This will help protect your savings in the event that your cryptocurrency investments fail. Ethereum can be an excellent long-term investment, but there are no guarantees in the world of cryptocurrencies. It will be easier to decide if this investment is right for you if you assess your risk tolerance.
COINBASE:ETHUSDLong
by FOREXN1
6
BITCOIN: Explosive move liquidates $200 million positionBitcoin's price increased by 13% this week. The price of Ethereum followed BTC's lead and increased 11% in one week. This unexpected move caught roughly $200 million in trades off guard. Following the release of the US inflation figure on February 14, Bitcoin (BTC) and Ethereum (ETH) saw a massive increase in interest. Hotter-than-expected expectations were dashed, indicating that disinflation is the dominant story. It was a catalyst that sparked this explosive rally, when combined with the Federal Reserve's dovish stance at the February policy meeting. Even during Bitcoin's brief correction in the first week of February, altcoins were dominating this 2023 rally. There was a lot of money riding the altcoin wave, as evidenced by the performance of certain coins, which more than tripled in just a few days. Looking at the overall market, it appears that $200 million in positions were lost in the last 24 hours. According to February 15 liquidation data, $154 million in shorts and $14 million in longs were caught off guard.
COINBASE:BTCUSDLong
by FOREXN1
7
USD/JPY: Next level to watch is 135.00 – UOBThe continuation of the upside bias could propel USD/JPY to the 135.00 region ahead of 135.50, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group Key Quotes 24-hour view: “We noted yesterday that ‘upward has firmed slightly’ and we expected USD to edge higher. However, we were of the view that ‘the major resistance at 134.00 is unlikely to come into view’. The anticipated USD strength exceeded our expectations as USD soared above 134.00 (high of 134.35) before pulling back. Despite the pullback, upward momentum is still strong and there is room for USD to rise above 134.35. However, the major resistance at 135.00 is likely out of reach today. Support is at 133.55, followed by 133.20.” Next 1-3 weeks: “Yesterday (14 Feb, spot at 132.90), we highlighted that ‘upward momentum appears to be building and there is room for USD to edge higher’. We added, ‘the major resistance at 134.00 might not come into view so soon’. While our view for USD to strengthen was correct, we did anticipate the rapid acceleration in pace as USD surged to a high of 134.35. Not surprisingly, upward momentum has improved further and USD is likely to continue to advance. The next level to watch is at 135.00, followed by 135.50. On the downside, a break of 132.40 (‘strong support’ level was at 131.40 yesterday) would indicate that the current upward pressure has eased.”
Long
by FOREXN1
4
BITCOIN: eyeing in the ‘NEXT BIG MOVE’ Despite tepid January U.S. consumer price index (CPI) data, Bitcoin reclaimed a comfortable lead above $22,000. The largest cryptocurrency by market capitalization was recently trading above $22,200, representing a more than 3% increase in the previous 24 hours. BTC had remained below $22,000 for the previous five days, as investor concerns about stablecoin regulation and U.S. central bank inflation-fighting measures grew. The CPI rose 0.5% in January, compared to 0.1% the previous month, in line with economist expectations. However, year-over-year inflation was higher than expected, coming in at 6.4%, compared to 6.5% in December and 6.2% predicted. Year-over-year core CPI, which excludes more volatile food and energy costs, increased faster than expected, at 5.6% versus 5.5% expected and down from 5.7% a month earlier. The data suggested that the Federal Reserve would maintain its hawkish stance, with more interest rate hikes planned at upcoming Federal Open Market Committee (FOMC) meetings. According to the CME FedWatch tool, approximately 90% of traders expect the FOMC to raise rates by 25 basis points in March. Investor reaction was erratic in the immediate aftermath of the CPI release, with bitcoin (BTC) initially falling on the news before quickly surging by $700 to trade as high as $22,300 before retreating slightly to its current level. "The market may be pricing in a little more Fed tightening, but that isn't weighing on cryptos today," Edward Moya, senior market analyst at foreign exchange market maker Oanda, wrote in a note on Tuesday. "Regulation and contagion risks have weighed on Bitcoin this month, potentially exhausting the downward move."
COINBASE:BTCUSDLong
by FOREXN1
26
EUR/USD:Slip back to 1.0650/1.0700 by the end of this week – INGEUR/USD remains primarily a Dollar story. Economists at ING believe that the pair could slide to the 1.0650/1.0700 area later this week. Lagarde’s speech may be a non-event “Despite having survived the US CPI risk event, we continue to see some downside risks in the near term on the back of raising bets on Fed tightening and a lack of drivers from the Euro side.” “We don’t think that today’s speech by European Central Bank President Christine Lagarde will drive major market moves.” “We see room for EUR/USD to slip back to 1.0650/1.0700 by the end of this week on the back of a strengthening Dollar.”
Short
by FOREXN1
5
GBP/USD drops to 1.2075 on downbeat UK inflationAs the UK inflation data disappoints, GBP/USD takes offers to refresh the intraday low near 1.2100, adding strength to the first daily loss in three days. Nonetheless, the UK Consumer Price Index fell 10.1% year on year in January, compared to 10.3% expected by the market and 10.5% previously. With this, headline inflation has fallen for the third consecutive month after reaching a 41-year high in October. More importantly, the Core CPI, which excludes volatile food and energy items, fell to 5.8% year on year, down from 6.2% expected and 6.3% in previous readings. Given the mostly negative UK inflation figures, as well as the mixed jobs report from the previous day, the GBP/USD could fall further, as Bank of England (BoE) officials have recently highlighted the data dependency for further rate hikes. Furthermore, a separate Reuters survey of economists predicted no more than one rate hike of 25 basis points (bps) in March before the BoE initiates policy pivot calls. Because Fed policymakers are comparatively more hawkish despite recent soft US inflation, the GBP/USD could face additional downside pressure. Alternatively, the Financial Times (FT) reported that UK Prime Minister Rishi Sunak and Finance Minister Jeremy Hunt are open to a deal with workers that includes a lump sum payment by backdating next year's pay award. This follows previous attempts by UK firms to raise labor pay in order to support inflation and put a floor under the GBP/USD price. Despite an unimpressive US Consumer Price Index (CPI), hawkish Federal Reserve (Fed) comments and a recovery in US Treasury bond yields appear to be exerting downward pressure on the Cable pair. Against this backdrop, US 10-year Treasury bond yields remain stable at around 3.75%, after rising three basis points (bps) the previous day to re-establish a six-week high, while the two-year counterpart follows suit by poking 4.62%, near 4.61% at the latest. However, the S&P 500 Futures fell half a percent, tracing Wall Street's losses and favoring the US Dollar's haven demand, allowing the US Dollar Index (DXY) to post its first daily gain in three days, up 0.27% intraday near 103.55 by press time. Following the initial market reaction to key UK data, GBP/USD traders should await US Retail Sales and Industrial Production details for January, as well as the NY Empire State Manufacturing Index for February, for clear direction. However, a few central bankers from the Fed and the BoE are scheduled to speak, which may entertain Cable traders ahead of Friday's UK Retail Sales.
Short
by FOREXN1
5
GOLD: Price Continues to Drop Also Today - SHORTGold price dropped yesterday to $1,850, its lowest level since early January. Soft United States Consumer Price Index could scale back hawkish Federal Reserve bets, allowing the yellow metal to rise, strategists at Commerzbank report. All eyes on the United States Consumer Price Index “The US inflation figures that are due to be published today could result in some price movement.” “Like our economists, the market expects the inflation rate in January to have fallen to 6.2%. If so, this would constitute the lowest increase in the CPI since October 2021. If the inflation rate turns out to be even lower, the market is likely to scale back its interest rate expectations again somewhat, allowing Gold to rise.”
OANDA:XAUUSDShort
by FOREXN1
21
EUR/USD: Possible Bearish Scenario Ahead.EUR/USD may slip back to 1.0650/1.0700 should core inflation come in at 0.4% or 0.5% MoM – ING So far, EUR/USD has advanced for the second session in a row, extending Monday's rebound past the 1.0700 level. The daily increase in the pair coincides with the continuation of selling pressure in the dollar ahead of the release of US inflation figures due later across the pond. Meanwhile, falling US yields across the curve are accompanying the daily retracement in spot, as are further range bound German 10-year Bund yields. Later in the day, another revision to Q4 GDP will be the region's only release on Tuesday. What to search for Following Monday's drop to the 1.0650 region, EUR/USD appears to have begun a decent bounce, though the resistance line around 1.0800 continues to cap occasional bullish attempts for the time being. Meanwhile, price action around the European currency should continue to closely track dollar dynamics, as well as the ECB's potential next moves after the central bank delivered a 50 basis point cut at its meeting last week. Returning to the eurozone, recession fears appear to be fading, but they remain an important driver of the single currency's ongoing recovery as well as the ECB's hawkish narrative. This week's key events in the eurozone include the ECOFIN meeting, EMU Flash Q4 GDP (Tuesday), EMU Balance of Trade, Industrial Production, and ECB Lagarde's speech (Wednesday). On the back burner: the continuation of the ECB's hiking cycle amid dwindling bets on a regional recession and still elevated inflation. The impact of the Russia-Ukraine conflict on the region's growth prospects and inflation outlook. Inflationary risks are becoming entrenched.
Short
by FOREXN1
14
GOLD:retreats towards $1,860 amid US inflation woesThe gold price (XAU/USD) remains depressed around $1,860 as sour sentiment underpins the US Dollar's early Monday rebound. Fears about US-China relations, as well as anxiety about the US Consumer Price Index (CPI) for January, could also put downward pressure on the XAU/USD. While expressing the mood, the S&P 500 Futures faded the previous day's corrective bounce off a one-week low, falling 0.35% to around 4,080 at the most recent close, while US 10-year Treasury yields remained sidelined near 3.73% after regaining a five-week high on Friday. It should be noted that fears about the mysterious objects flying over the United States and China have recently weighed on sentiment, even as the US General dismissed allegations against Beijing. The US General dismissed the market's fears of Chinese spying on the US and the likely rush to safe havens, saying, "(We) have no reason to believe the latest objects are Chinese." Nonetheless, the fact that the US shot down nearly four such objects while China prepares to launch one keeps the issue on the geopolitical agenda and raises the risk profile. In other news, Philadelphia Federal Reserve President Patrick Harker delayed talk of a Fed rate cut in 2023. However, the policymaker did state that the "Fed is unlikely to cut this year but may be able to in 2024 if inflation begins to fall." His remarks mostly echoed Fed Chair Jerome Powell's cautious optimism, challenging US Dollar buyers. However, the 10-year and 5-year breakeven inflation rates from the St. Louis Federal Reserve (FRED) remain firmer around the monthly highs, supporting the hawkish Fed bias, which favors the US Dollar and puts downward pressure on the gold price. Moving forward, gold traders may see further declines, but the pace may be slow ahead of Tuesday's US CPI. If the US inflation data comes in higher than expected, hawkish Fed concerns could drown out the XAU/USD price. Alternatively, softer US CPI may rekindle policy pivot talks, causing the gold price to rise.
OANDA:XAUUSDShort
by FOREXN1
29
EUR/USD: Downside risks remain – OCBCIn the early European morning, the EUR/USD is consolidating losses below 1.0700. The currency pair is feeling the gravitational pull of a broadly stronger US Dollar and a risk-off marker profile. Investors are still concerned about the US-China trade dispute and the impending US CPI. EUR/USD lost more than 100 pips last week and is still consolidating below 1.0700 on Monday. OCBC Bank economists note that the pair is still under bearish pressure. 1.0490 is the level of support.
Short
by FOREXN1
20
USD/CAD:PULLBACK SUPPORT AREA - POSSIBLE NEW LONG The USD/CAD pair has firmly recovered after establishing a cushion of around 1.3340 in the Tokyo session. The Loonie asset has extended its recovery above 1.3370 as investors become nervous ahead of the release of the US Consumer Price Index (CPI), pouring funds into safe-haven assets due to investors' lack of appetite for risky investments. The US Dollar Index (DXY) has risen to a three-day high of 103.39, as risk appetite has weakened further. Meanwhile, the S&P500 futures have been impacted by disappointing earnings from US equities and geopolitical events such as the Pentagon shooting down two unidentified flying objects in the last week. Soaring expectations for a rise in US inflation data on Tuesday dampening demand for US government bonds, pushing 10-year US Treasury yields to 3.74%. Despite the Federal Reserve (Fed) squeezing activities and raising interest rates, the strong US labor market is bolstering expectations for a surprise upside in the inflation report. If this occurs, Fed Chair Jerome Powell may be forced to extend the Fed's policy tightening spell into its March monetary policy. In addition, Philadelphia Fed President Patrick Harker expects interest rates to rise above 5% this year. An upbeat employment report has conveyed that Canadian inflation may become more stubborn in the future. The economy added 150K jobs in January, exceeding the consensus of 15K and the previous release of 69.2K. The unemployment rate held steady at 5%. The catalyst that pleased the Bank of Canada (BoC) was a drop in Average Hourly Earnings data, which fell to 4.5% from 4.7% in the previous release. A drop in the labor cost index will squeeze consumer spending and reduce future inflationary pressures. After facing barricades of around $80.00 following a power-pack move, the oil price has dropped significantly. The upside appears to be favored, as Russia has announced a 5% cut in oil production in retaliation for the G7 price cap imposed to prevent funding for the ongoing war against Ukraine. It should be noted that Canada is a major oil exporter to the United States, and higher oil prices may strengthen the Canadian Dollar.
Long
by FOREXN1
3
Apple | Fundamental Analysis + NEXT TARGETApple has long been regarded as the company that Wall Street despises. Sure, there are many fans of the iPhone maker, but as soon as any unfavorable factors emerge, analysts scatter, with everyone predicting that Apple has reached the end of its growth phase and that its glory days are over. Until the next earnings report, when so-called surprises about how solid its business is unavoidable. For example, iPhone sales fell 8.1 percent to $65.8 billion in fiscal Q1, and Apple's overall revenue growth was the slowest since 2016, and many believe the tech titan's future is bleak. So, where do you see Apple in a few years? Will it, as its critics claim, give up, or will it be able to overcome obstacles and maintain its long-term growth trajectory? Most people still place themselves in the latter category, and here's why. Apple's earnings report was, admittedly, a little disappointing, but not entirely unexpected. Given the consumer electronics giant's supply chain constraints, iPhone sales, for example, may be considered better than they should have been. Due to plant closures in major Chinese cities, Foxconn, Apple's largest iPhone assembler, was under severe pressure, with employees forced to sleep in the factory due to travel restrictions. However, once China lifted the restrictions, Foxconn quickly resumed much of its production, and its January revenue reached a record $22 billion. iPhone sales were likely only pushed back for the March quarter, and production increased again, with CEO Tim Cook telling analysts that production "is where we want it to be right now." While Mac revenues fell sharply in the first quarter, as did wearable device sales, iPad sales increased sharply, indicating that there does not appear to be a widespread consumer demand problem. The main issue is supply, which has, for the most part, stabilized. Despite its problems, Apple was still growing in relation to the industry as a whole, gaining market share while the industry, including the iPhone industry, was shrinking. According to Gartner analysts, the decline in PC sales outweighed the decline in Mac shipments by a factor of two. In fact, it was "the steepest annual drop in shipments in Gartner's PC tracking history." Mac shipments were down 10% during that time period, but Asus was the best PC manufacturer, with shipments down 19%. Apple was the only manufacturer to see growth in 2022. Apple's market share increased from 8.6% to 10.7%. In wearable devices, Apple has a significant advantage over its competitors, with more than twice the market share of its closest competitor. Apple Watch has a 26% market share, while Samsung has a 12% share. Apple's installed base now exceeds 2 billion active devices, more than doubling from seven years ago. In terms of Apple's future, it's worth noting that services revenue for the quarter reached a record high of nearly $21 billion. This division includes the App Store, Apple Pay, and a variety of subscription services like iCloud, Apple TV+, and Apple Music. Last year was a record year for the App Store, with subscriptions increasing 21% to 900 million from 745 million the previous year. And, while service revenue growth slowed to 14% in 2022 from 27% in 2021, that period was part of Apple's and other companies' pandemic boom. Like the supply chain situation, this is simply a return to the mean. Although Apple stock has recovered 22% from its late-December lows, it is still 15% below its August highs. While this implies that Apple was a better buy in early 2023 than it is today, the tech company's stock is still a great business to own – with plenty of growth ahead, whether in three or ten years.
NASDAQ:AAPLLong
by FOREXN1
3
GOLD:Additional downward pressure Additional downward pressure On Thursday, the gold price confirmed a Bear Flag by closing the day below the rising trendline support at $1,871. The bearish continuation pattern has given gold sellers extra zeal as they challenge the critical 200 Moving Average at $1,855. "The downside bias remains favorable, with a sustained move toward the January 5 low of $1,825 anticipated if the $1,850 support fails." "Any recovery attempts will need to retake the bear flag support-turned-resistance at $1,871. The static resistance level at around $1,885 is the next stop for gold bulls."
OANDA:XAUUSD
by FOREXN1
22
EUR/USD:Breaking below 1.0681 would allow for another leg lowerBreaking below 1.0681/69 would allow for another leg lower. The EUR/USD has maintained key support at 1.0681/69. This supports our base case scenario of a long period of ranging, with this level expected to define the low end of a new range. The recent false breakout above key resistance at the 50% retracement of the 2021/2022 fall at 1.0944 adds to the possibility of a rangebound phase, with the sharp fall likely cleansing positioning significantly. The top of the range is now expected to be 1.1000/35. A break below 1.0681/69, on the other hand, would open up another leg lower, with no meaningful support until 1.0483/0463, where we would look for a floor if reached.
by FOREXN1
16
USD/JPY rises to 132.00 amid gloomy market sentiment.In the Tokyo session, the USD/JPY pair is approaching the critical resistance level of 132.00. The asset is seeing significant strength as a result of the risk-aversion theme and Bank of Japan (BoJ) Governor Haruhiko Kuroda's preference for expansionary monetary policy. The US Dollar Index (DXY) is aiming to break through the 103.00 resistance level as demand for safe-haven assets grows. Despite a two-day sell-off, risk-perceived assets such as S&P500 futures are seeing selling interest. The focus has shifted to the United States Consumer Price Index (CPI) data, which will be released on Tuesday. The consensus predicts that headline inflation will fall further to 5.8% on an annual basis, down from 6.5% in the previous release. In addition, core inflation, which excludes the impact of oil and food prices, is expected to be 5.3%, down from 5.8% previously. However, remarks from Richmond Fed President Thomas Barkin and the lowest January unemployment rate could surprise investors. Fed According to Reuters, Barkin argued that the Fed should steer "more deliberately" from here due to the lag effects of policy. "While average inflation has peaked, the decline has been distorted by a few goods, and the median has remained high," he added.
by FOREXN1
10
GOLD:Bear flag, hawkish Federal Reserve concerns tease sellersFollowing a three-day uptrend, the gold price (XAU/USD) struggles to extend week-start recovery moves, making rounds to $1,875 during Thursday's Asian session. The lack of buying interest in gold could be attributed to hawkish Federal Reserve (Fed) comments, as well as statements from US diplomats highlighting inflation fears. However, the easing of US-China ties and a light calendar test the XAU/USD bears, while technical analysis teases the Gold sellers. Technical analysis of the gold price The gold price (XAU/USD) remains within the weekly ascending trend channel, while the hourly chart displays a "Bear flag" bearish chart pattern. The bearish bias on the XAU/USD is bolstered by negative signals from the Moving Average Convergence and Divergence (MACD) indicator, as well as the steady Relative Strength Index (RSI) line at 14. However, a downside break of $1,870 appears to be required for Gold sellers' conviction, while the weekly bottom around $1,860 can act as an additional filter to the south. Following that, the XAU/USD bear focuses on the theoretical target of the stated "Bear flag," which is around $1,780.
OANDA:XAUUSD
by FOREXN1
21
After reversing the corrective bounce, the EUR/USD remains lowerEUR/USD remains under pressure around 1.0710, following a reversal from 1.0760, as bears maintain control for the fifth consecutive day on Thursday. In doing so, the major currency pair validates policymakers at the European Central Bank (ECB) and the Federal Reserve (Fed). It is worth noting that the relatively upbeat US data compared to Europe appears to support the Fed's hawkish comments and weigh on the EUR/USD price. However, Federal Reserve Governor Christopher Waller hinted at a protracted battle with a 2.0% inflation target by citing expectations of tighter monetary policy for a longer period of time than expected. In a similar vein, Governor Lisa Cook stated that the central bank is still focused on restoring price stability because inflation is still too high.
by FOREXN1
14
XAU/USD in correction mode – CommerzbankThe US dollar maintained its gains from February during the first half of the day, but lost ground unevenly in the last trading session when Jerome Powell, the chairman of the US Federal Reserve, took part in a presentation at the Economic Club of Washington, DC. Jerome Powell, the chairman of the Federal Reserve, began reiterating his hawkish stance, saying they would likely need to make additional interest-rate rises and adding that the process will be "bumpy." The market accepted Powell's idea that the Fed would raise rates in response to data that were stronger than expected. As an instant response, Wall Street surged while the US dollar sank.
OANDA:XAUUSDShort
by FOREXN1
12