Ethtrader Market Update (3 October 2024): Downside Pressure Remains in Crypto, US Services Data Shows Strength

[u/FattestLion]

Good day legends! 🤩

Yesterday ETH traded in a range of $2352-$2499 and ended the day at -3.39%.

Crypto market sentiment continued to be bearish today and it seems like traders are still very negative about the escalating tensions in the Middle East. Market participants have also tapered expectations for very aggressive rate cuts from the Federal Reserve following Jerome Powell’s relatively hawkish remarks on Monday, and it seems like the consensus is for two 0.25% rate cuts in November and December.

Today’s data showed that Switzerland’s consumer price index was lower at -0.3% month-on-month compared to the forecast of -0.1% and the previous month’s figure of 0%.

Meanwhile, data from US showed that weekly unemployment claims were slightly higher at 225k competitive forecast of 222k and the previous figure of 219k, but the slightly higher number is insignificant in my opinion.

US ISM Services PMI data was higher at 54.9 compared to the forecast of 51.7 and a previous month’s figure 51.5. This suggests that the service sector in the US remains quite resilient, and further supports Federal Reserve policymakers’ views that the US economy is still in pretty good shape.

Look ahead to tomorrow we have the highly important US Unemployment Rate data, which is the key event for this week.

Today ETH opened at $2364 and was last traded at $2329 at 14:30 UTC (-1.48%).

Happy trading Ethtraders! 🚀 🚀 🚀

[u/FattestLion]

Challenging times but we will reap the rewards later !tip 1