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The U.S. EIA natural gas storage figures for the week ending August 14 will be released in ten minutes.According to Irans Tasnim News Agency, Houthi rebels used attack drones to strike Najran Airport and Saudi Aramco oil facilities.On August 20, Houthi spokesman Yahya Sarri stated, "The Yemeni armed forces successfully conducted two military operations using two drones. The first operation targeted sensitive Saudi targets at Najran airport, and the second targeted Saudi Aramco facilities in Najran. Both operations successfully achieved their objectives. This operation was a response to Saudi drones violating the airspace of Saada province. The armed forces will continue to defend Yemeni sovereignty, resist any aggression, and resolutely implement this strategic policy."According to Israeli reports, the Israeli Air Force has completed the relocation of a helicopter squadron from Ramon Air Base in the south to David Air Base in Ramat in the north. The IDF stated that this move is to better defend the northern border and to learn from the lessons of the October 7, 2023 attack.Justyna Zabinska-La Monica, senior manager of the Conference Boards Business Cycle Indicators, stated that the economy should continue to expand, but growth is expected to be primarily driven by corporate investment in the artificial intelligence sector, while rising living costs may reduce consumer spending, particularly among low- and middle-income households. The Conference Board continues to forecast U.S. real GDP growth of 1.9% for both 2026 and 2027.

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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