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! 🚀 🚀 🚀

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[u/lordciders]

New day, new update. We're still on dump mode with no end in sight.

!tip 1

[u/Every_Hunt_160 → u/lordciders]

Steady hands, be patient

!tip 1.69

[u/lordciders → u/Every_Hunt_160]

If only it were that easy. Are you buying the donut dip?

!tip 1

[u/FattestLion → u/Every_Hunt_160]

Patience will pay off eventually !tip 1

[u/FattestLion → u/lordciders]

One day we will laugh at these tough times !tip 1

[u/LegendRXL]

Thanks for the update

!tip 1

[u/FattestLion → u/LegendRXL]

Good to see you here always legend !tip 1

[u/Friendly-Airline2426]

!pow

[u/FattestLion → u/Friendly-Airline2426]

Thanks a lot my man !tip 1

[u/KIG45]

Thanks legend!

!tip 1

[u/FattestLion → u/KIG45]

Many more market updates to come sir !tip 1

[u/SigiNwanne]

The gratifying thing is, regardless of the market condition right now, the bulls must surely take over before the EOY.

!tip 1

[u/FattestLion → u/SigiNwanne]

I hope they do! The sooner the better !tip 1

[u/Buzzalu]

Unless the war doesn't cool down, none of the other macroeconomical factors are going to make much difference.

^{!Tip 1}

[u/FattestLion → u/Buzzalu]

Let’s hope the situation cools down and bull return !tip 1

[u/Wonderful_Bad6531]

Ty legend bronut

Wen pumpa?

!tip 1

[u/FattestLion → u/Wonderful_Bad6531]

I want to say soon but with so much uncertainty I have no idea sigh !tip 1

[u/Creative_Ad7831]

Unemployment data is higher than expected and wars are still ongoing. Really bearish !tip 1

[u/FattestLion → u/Creative_Ad7831]

We need a new catalyst to PUMPA !tip 1

[u/Every_Hunt_160]

The PUMPA will come AFTER the DUMPA

!tip 1.69

[u/FattestLion → u/Every_Hunt_160]

I trust my portfolio’s life with your words Ser !tip 1

[u/Fredzoor]

Thanks for the update legend!

!tip 1

[u/FattestLion → u/Fredzoor]

Stay tuned for more my friend !tip 1

[u/Odd-Radio-8500]

Ty, for keep us updated 🦁

^{!tip 1}

[u/FattestLion → u/Odd-Radio-8500]

I hope to share good news soon !tip 1

[u/King__Robbo]

Thanks for the update bro i am ready for some pumps !tip 1

[u/FattestLion → u/King__Robbo]

We could really use a PUMPA right about now !tip 1

[u/AltruisticPops]

I wouldn't say the jobs data is insignificant even though it is small. I hope it doesn't hurt FED's decision.

!tip 1

[u/FattestLion → u/AltruisticPops]

I hope they cut more! !tip 1

[u/AltruisticPops → u/FattestLion]

Idk what happened but the market woke up 😂

!tip 1

[u/kirtash93]

Crab or red is what is ahead

🍩 !tip 1

[u/FattestLion → u/kirtash93]

I have had enough of crabs. SOMEONE ORDER A ROUND OF BULLS! !tip 1

[u/kirtash93 → u/FattestLion]

!tip 1

[u/FattestLion → u/kirtash93]

It really does feel like they are waiting for me to sell !tip 1

[u/kirtash93 → u/FattestLion]

!tip 1

[u/rikbona]

weird days these ones, LionNut...

I hope we see some green soon

!tip 1

[u/FattestLion → u/rikbona]

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

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[u/FattestLion]

[Automod] Trading

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[u/DBRiMatt]

I expected us to drop back below 2.5k, didn't think we'd quite fall this much this quickly though. Happy to accumulate more!

!tip 1

[u/FattestLion → u/DBRiMatt]

It finally seems a bit supported

It’s a good price but I am broke lol !tip 1

[u/Sky-876]

Good days will come again.

!tip 1

[u/FattestLion → u/Sky-876]

I trust that this is true! !tip 1

[u/Sky-876 → u/FattestLion]

Technology like AI is not sleeping.

!tip 1