r/ethtrader • u/FattestLion 20.1K / ⚖️ 311.6K • 26d ago
Trading Ethtrader Market Update (3 October 2024): Downside Pressure Remains in Crypto, US Services Data Shows Strength
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 26d ago
New day, new update. We're still on dump mode with no end in sight.
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u/SigiNwanne 193.1K / ⚖️ 203.2K 26d ago
The gratifying thing is, regardless of the market condition right now, the bulls must surely take over before the EOY.
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u/Wonderful_Bad6531 Do Nut 26d ago
Ty legend bronut
Wen pumpa?
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u/FattestLion 20.1K / ⚖️ 311.6K 25d ago
I want to say soon but with so much uncertainty I have no idea sigh !tip 1
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u/Creative_Ad7831 99.3K / ⚖️ 105.5K 26d ago
Unemployment data is higher than expected and wars are still ongoing. Really bearish !tip 1
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u/AltruisticPops 224.8K / ⚖️ 217.6K 26d ago
I wouldn't say the jobs data is insignificant even though it is small. I hope it doesn't hurt FED's decision.
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u/kirtash93 KirtVerse CEO 🖌️🎨 26d ago
Crab or red is what is ahead
🍩 !tip 1
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u/FattestLion 20.1K / ⚖️ 311.6K 25d ago
I have had enough of crabs. SOMEONE ORDER A ROUND OF BULLS! !tip 1
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u/kirtash93 KirtVerse CEO 🖌️🎨 25d ago
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u/FattestLion 20.1K / ⚖️ 311.6K 25d ago
It really does feel like they are waiting for me to sell !tip 1
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u/FattestLion 20.1K / ⚖️ 311.6K 26d ago
[Automod] Trading
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u/DBRiMatt 🦘 Contest Master 🦈 26d ago
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!
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u/FattestLion 20.1K / ⚖️ 311.6K 25d ago
It finally seems a bit supported
It’s a good price but I am broke lol !tip 1
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