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The Hang Seng Tech Index extended its gains to 2% in the afternoon, while the Hang Seng Index is currently up 2.35%.On January 28th, at a press conference held this morning during the Fifth Session of the 14th Guangdong Provincial Peoples Congress, Qin Weizhong, Deputy Secretary of the Shenzhen Municipal Committee and Mayor of Shenzhen, stated that in the new year, Shenzhen will, in accordance with the work plan of the Provincial Party Committee and Provincial Government on promoting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, actively promote in-depth exchanges and cooperation between Shenzhen and Hong Kong in all aspects and fields, especially strengthening the alignment of development strategies with Hong Kongs Northern Metropolitan Area, accelerating the interconnection of infrastructure, and this year will see the full completion and opening of the new Huanggang Port, accelerating the construction of projects such as the Hetao West Cross-River Bridge and the new No. 1 Channel, and jointly promoting the planning and construction of the Hong Kong-Shenzhen Western Railway and the Hong Kong Northern Link branch line with Hong Kong. Further leveraging the major platform role of Qianhai and Hetao, Shenzhen will promote more fruitful results in cooperation on modern service industries and technological innovation between Shenzhen and Hong Kong, jointly develop and construct the "one river, two banks, one zone, two parks" of Hetao, promote the cross-border flow of technological innovation elements, open sharing of resources, and collaboration of science and technology industries, and work together to accelerate the creation of a high-quality living circle that is livable, business-friendly, and tourist-friendly, fully supporting Hong Kong to better integrate into and serve the overall development of the country.ECB Governing Council member Koch said: If the euro continues to strengthen, the central bank will need to take action.On January 28th, United Parcel Service (UPS) announced on the 27th that it plans to cut approximately 30,000 operational jobs this year and close 24 business locations by the end of June. This layoff is part of the companys business restructuring and transformation plan implemented since April of last year. On April 29th, 2025, UPS announced it would reduce costs and improve profitability through large-scale layoffs and the closure of operating facilities. In 2025, the company cut a total of 48,000 jobs and closed 93 business locations.Zimbabwes Energy Minister: Partnerships are needed for oil and gas extraction and production.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

 截屏2022-11-03 下午7.34.53.png

 

Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini was up 35 points this morning.


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