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On April 23, TSMC showcased its latest generation of chip manufacturing technologies, stating that it expects to produce smaller, faster chips without relying on ASMLs expensive new machines. TSMC, which manufactures chips for numerous companies including Nvidia, Apple, and Google, demonstrated two improvements to its chip manufacturing technologies: one called A13, slated for production in 2029 and potentially used in AI chips; and the other called N2U, a more economical option for manufacturing chips for mobile phones, laptops, and AI devices. For all the technologies TSMC showcased on Wednesday, the company plans to leverage the potential of its existing extreme ultraviolet (EUV) lithography machines from its Dutch supplier ASML, rather than moving to the next-generation high numerical aperture (High-NA) EUV machines, which cost up to $400 million each—approximately twice the cost of the older machines. Kevin Zhang, TSMCs Chief Operating Officer and Senior Vice President, stated, "I think this is where our R&D department has done a really good job of utilizing existing EUV technology while setting an aggressive technology miniaturization roadmap. Thats definitely an advantage."In an interview with US media on the 22nd, Ukrainian President Volodymyr Zelenskyy stated that he is open to a ceasefire between Russia and Ukraine, but he sees no possibility of progress in peace negotiations until the conflict with Iran ends and the US and Israel reach a final ceasefire with Iran. According to Ukraines Interfax news agency, Zelenskyy understood the US focus on Iran, but emphasized that Ukraine is equally important and cannot be ignored. He stressed that the conflict in Ukraine cannot be "resolved later," and a way to resolve both crises simultaneously must be found.The Teams connectivity issue for Microsoft (MSFT.O) 365 has been resolved.According to Fox News: US President Trump expects Iranian Foreign Minister Araqchi to continue participating in negotiations with Iran.Hang Seng Index futures closed up 0.03% at 26,169 points in overnight trading, a premium of 6 points.

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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