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Saudi Energy Minister: We have discovered 110 million tons of raw materials containing uranium in Medina.On September 14th, according to Saudi Arabias Al Arabiya TV, Saudi Energy Minister Prince Abdulaziz bin Salman stated at the International Atomic Energy Agency (IAEA) General Assembly in Vienna that energy diversification has become essential for supporting economic growth and ensuring supply security. Abdulaziz stated that Saudi Arabia has solidified its position as an active partner in the energy market. Saudi Arabia is committed to investing in the development of its diversified energy and mineral resources. He added that Saudi Arabia is also enhancing its capabilities through effective international partnerships.On September 14, according to Irans Mehr News Agency, Acting Iranian Defense Minister Reza stated that some US officials believe that repeated threats can shake Irans resolve or deter the Islamic Republic, "but they are sorely mistaken." He said that the enemys repeated refrain from past threats "more demonstrates that its intelligence and analysis mechanisms have become paralyzed, ultimately leading to the erosion of its rationality, because if an organizations intelligence and analysis mechanisms can correctly observe and analyze the actual situation on the battlefield, it is impossible to continue to persist with arguments and threats that have been repeatedly proven false." Reza also stated that the enemy must understand a simple fact: "Iran should not be treated with threats." He pointed out that Irans decision-making mechanisms do not take these threats seriously. “These threats are worthless to us; they are more like political statements or pronouncements than information supported by actual military capabilities.” “If another war were to break out today, Iran would be more powerful and technologically advanced than in any previous war,” he said. “Those who try to dismiss the continued development of our country’s technological activities, production lines, and weapons factories merely as a narrative or media headline are clearly ignoring the formidable strength our military has demonstrated on the battlefield. Sometimes people only see a small part of the capabilities of our domestic defense industry, but this path continues to advance with great momentum.”ECB Governing Council member Stournaras: The ECBs timely measures can reduce the risk of painful future interest rate hikes.According to Jordans Al Mamlaka television, citing officials, an ammonia leak in Jordans Aqaba industrial zone has injured 11 people.

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

Alina Haynes

Nov 03, 2022 19:39

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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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