Jun.4-Jun.10(ETH)Weekly market recapEmployment data was released last Friday. Although the unemployment rate rose to 4%, the number of NFP exceeded expectations, reaching 272,000. The data performed average, but due to market expectations were too high, there was a correction after the data was released. Not only in crypto, gold has also seen a obvious correction.
The market currently predicts that the number of interest rate cuts in 2024 will be reduced to two times, in September and December. The CPI and FOMC for May will be announced on Wednesday and Thursday this week. We believe this will determine the medium-term trend. Regardless, we are heading towards a rate cut.
ETH has underperformed BTC over the last week, falling below 3600. The resistance level 4000 is too powerful. Judging from the WTA indicator, there is no blue column representing whales, and the trading volume has further decreased. However, judging from the ME indicator, the wavy area has not narrowed, which shows that the correction did not destroy the bull trend.
To sum up, we believe that ETH is likely to fluctuate this week. We maintain our original resistance level 4000 and support level 2800.
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.
