In our previous posts, we drew attention to the potential for a sharp increase in $ETH đ.
At the moment, ETH uses various innovative technologies to improve the work and increase the efficiency of #ETHblockchain .
One of them is the implementation of a promising concept, the L2 (LAYER 2) solution, which is designed to improve scalability.
#ETHecosystem includes over 500 coins with a total capitalization of almost $366 billion and makes up 16% of the total capitalization of the crypto market. This is a pretty impressive figure.
Over the past 7 days, the price of $ETH has grown by +10.51%, and $BTC +3.33%. If this trend continues, then mono dominance of #BTCâïž will soon be in question...
Technical analysis of the $ETH chart shows that it is most likely in the ascending stage.
After the ATH ($ 4890) in November 2021, the price of #ETH fell sharply and maintained a bearish trend for almost 7 months. Then a gradual recovery stage began and in March 2024 it reached $ 3892 over the past 2.5 years. Since the end of March of this year, the price has fallen again by almost 43%.
This is already the sixth month of the downward trend.
As we accurately đŻ predicted in our post from 09/10/2024 https://app.binance.com/uni-qr/cpos/13325899876305?r=102307732&l=ru&uco=-eL6bwqHEUg05mF3hsP1PA&uc=app_square_share_link&us=copylink
The Fed cut the interest rate by 50 bps, which in many ways surprised most financial analysts. In addition, Mr. Powell in turn yesterday hinted at two more cuts before the end of this year.
Plus, no one has canceled the bullish effect $BTC Halving.
As we wrote in our ARTICLE from 09/17/2024, hot đ„ times for Cryptocurrencies are beginning.
There will be a hot fourth quarter!!! đ„đ„đ„
It is already possible to assume with a high degree of probability that the last quarter of the current year in the financial world and in particular in the crypto world ($BTC , $ETH , $BNB , etc.) will be hot. We will not sin if we say that this has already begun. From 09/17/2024, a real parade of releases of various financial indicators and data begins.
Before the last three FRS (Federal Reserve System) meetings, the interest rate #BTC showed a downward trend to 8%.
And after the data announcement and the release of the FOMC (Federal Open Market Committee) report, the price gradually recovered.
It seems that we have been observing the same situation since yesterday. A correction of almost 4%. In all likelihood, the downward trend will continue until 09/18/2024.
The world-famous company MicroStrategy, which provides services to various companies in the field of AI, software analytics, cloud services for governments and financial institutions, etc.
It is no secret that the company is one of the largest institutional holders of #BTC . Today, the company published information that from 08/06/2024 to 09/12/2024 it acquired another 18,300 #BTC , approximately worth $ 1.11 billion.
As a result, at the moment MicroStrategy owns approximately 244,800 #BTC , worth almost $ 9.45 billion.
Today, the ECB (European Central Bank) cut the union's main rate by 60 bps to 3.65%. Since the ECB and the US Federal Reserve (the main money houses of the world financial markets) act in concert, there is no doubt that on September 18, 2024, the Fed will also cut the rate by at least 25 bps.
Plus, today the US Continuing Jobless Claims indicator was released, which was 3,000 higher than predicted, which means that the labor market still needs additional incentives.
The main events of the current week that can directly affect #BTC , #ETH and altcoins.
September 10
- US FSC (Financial Services Committee) hearings on DeFi - US presidential candidates debate
September 11
- US CPI inflation data
September 12
- ECB interest rate decision
If the CPI is favorable (2.4-2.5%), the Fed will, without any hesitation, reduce the Fed Fund Rate, perhaps even by 50 bps, especially now that Citi Bank predicts a 125 bps rate cut by the end of 2024.
#ETH is clearly undervalued, given that in this turbulent period for financial markets, most crypto community members and investors are looking at #BTC . Even the approval of #ETH ETF did not give the corresponding effect. But everything is still ahead.