Nike (NYSE:NKE) announced that Elliott Hill will take the helm as President and Chief Executive Officer effective October 14, 2024. Following the news, the company's shares jumped nearly 7% in premarket trading Friday.
The transition comes as current President and CEO, John Donahoe, prepares to retire from his role and from the Board of Directors on October 13. Donahoe will continue to serve as an advisor to the company until January 31 to support a smooth changeover.
Mark Parker, Executive Chairman of Nike, praised Hill's global expertise and leadership, emphasizing his comprehensive understanding of the industry and the company's partners.
Parker also acknowledged Donahoe's significant contributions, especially his leadership during the COVID-19 pandemic and his support for the company's community investments. Donahoe expressed confidence in Hill as the right choice for the company's future leadership.
Hill, who previously retired from Nike in 2020, has a long history with the company, having held senior leadership roles in both Europe and North America. 
Commenting on the announcement, Bank of America analysts stated that "now is the right time for a shakeup" at Nike. They cited a 42% drop in consensus earnings estimates over the past 24 months, along with the company's efforts to implement a strategic change.
"In our view, Nike needs someone with a fresh perspective to lead it through the next strategy and accelerate the focus on product," BofA analysts wrote.
"We think Hill’s 30+ year history with the company in senior roles across the organization bodes well for the effort to rejuvenate innovation, rekindle wholesale relationships, and rebuild sales."
Similarly, RBC Capital Markets analysts view the return of a long-time Nike insider to the CEO role as a positive development. They believe the company’s recent underperformance stems from a loss of focus on the factors that have driven Nike's success over the years.
"Under Mr. Hill’s leadership, we hope to see a revitalization of the NIKE culture (the good parts) and a renaissance in innovation and design," they stated in a note.
However, with the CEO change, analysts said investors should expect a further reset to financial forecasts, potential changes within the executive team, and an extended period of product revitalization.
Senad Karaahmetovic contributed to this report. 

Shares in FedEx (NYSE:FDX) sank by more than 12% in premarket US trading after the logisitics group cut its full-year guidance and reported fiscal first-quarter earnings that fell well short of Wall Street expectations.
For fiscal 2025, the company narrowed its outlook for adjusted earnings per share to a range of $20.00 to $21.00, down from $20.00 to $22.00 previously. Revenue growth for the year was now expected to come in at a low single-digit percentage year-over-year, compared with the prior forecast of a low-to-mid single digit percentage increase.
FedEx said its revised guidance reflects the effects of "recent pricing actions, which we expect to help offset weaker-than-expected demand trends." Executives added they will work to manage expenses, and reiterated their committment to return $3.8 billion to stockholders over the fiscal year.
"We are cautiously optimistic about a moderate improvement in the industrial economy in the second half," said Chief Executive Officer Rajesh Subramaniam in a call with investors.
However, FedEx flagged that it had faced a "challenging" first quarter due in part to elevated operating expenses and a dip in demand for its priority offerings.
In the quarter ended on Aug. 31, FedEx reported adjusted earnings of $3.60 per diluted share on revenue of $21.6 billion. Analysts polled by Capital IQ had anticipated per-share income of $4.86 on revenue of $21.96B.
Federal Express, a key segment overseeing the company's air-ground fast shipping network, saw margins fall to 5.2% in the first quarter from 7.1% a year earlier.
"[T]he unfortunate reality for FedEx is [that it was] one of the worst first quarter profitability outcomes outside of the 2009 recession," analysts at Barclays said in a note to clients.
Meanwhile, analysts at Morgan Stanley said the earnings miss reported by FedEx was of such a large "magnitude" that it "suggests greater [earnings per share] risk" over a longer term than they had previously envisioned. The analysts downgraded their rating of the stock to "Underweight" from "Equal-weight" and slashed their price target to $200 from $215.
(Yasin Ebrahim contributed reporting.)

U.S. stocks saw their third-largest inflow of 2024, with $33.8 billion moving into the asset class last week, Bank of America said in a report Friday.
The U.S. large-cap sector was the key driver, attracting $26.2 billion. Notably, value stocks posted their largest inflow since December 2023 at $4.2 billion, while small-cap stocks saw inflows of $3.9 billion. Growth stocks followed with $1.9 billion in inflows.
Globally, equity funds attracted $38.6 billion, marking strong momentum across various regions. U.S. stocks led the way, while Japan saw $1.4 billion in inflows.
Emerging markets continued their positive streak with $1.3 billion, extending their run to 16 weeks of inflows. On the other hand, European equities registered their fourth consecutive week of outflows at $0.8 billion.
On the macroeconomic front, BofA strategists said that Wall Street “loves “panic cuts” when no panic,” referring to the 50-basis point interest rate reduction the Federal Reserve announced this week.
Strategists said the Fed opted for a more aggressive cut as it “wants to slash real rates to prevent recessionary small biz sector cutting jobs.”
They also argue that the Federal Reserve’s expected cuts, totaling 250 basis points, could fuel 15-20% earnings per share growth in 2025. BofA emphasizes that it doesn’t “get much better than that for risk so investors [are] forced to chase.”
Should the Fed manage to successfully orchestrate a “soft landing” for the U.S. economy, BofA sees international stocks and commodities as “best plays.”
The former are more attractively priced and are starting to outperform, strategists said. In addition, both international stocks and commodities “benefit from thaw in geopolitical tensions,” they added.
Meanwhile, the bond market recorded $15.5 billion in inflows last week, making it 39 consecutive weeks of positive flows.

NZD/USD extends its upside following the PBoC’s interest rates decision on Friday.The PBoC holds its current one-year and five-year Loan Prime Rates (LPRs) at 3.35% and 3.85%, respectively.The US Dollar struggles amid growing expectations of further Federal Reserve rate cuts in 2024.
NZD/USD continues its winning streak for the third successive day, trading around 0.6250 during the early European hours on Friday. The New Zealand Dollar (NZD) gains ground following the interest rate decision by the People’s Bank of China (PBoC).
The PBoC opted to keep its one-year and five-year Loan Prime Rates (LPRs) unchanged at 3.35% and 3.85%, respectively. As close trade partners, any developments in the Chinese economy can significantly impact Kiwi markets.
In New Zealand, recent data showed that the Gross Domestic Product (GDP) shrank by 0.2% quarter-on-quarter in the second quarter, bringing the economy close to recession. This decline was smaller than the anticipated 0.4% contraction. Year-on-year, the economy contracted by 0.5%, as expected. Markets have already fully priced in another 25 basis point rate cut for October.
The US Dollar remains under pressure as expectations grow for additional rate cuts by the US Federal Reserve by the end of 2024. The latest dot plot projections indicate a gradual easing cycle, with the median rate for 2024 revised down to 4.375% from the June forecast of 5.125%.
US Treasury Secretary Janet Yellen stated on Friday that the recent interest rate cut by the Federal Reserve is a very positive indicator for the US economy. According to Yellen, it demonstrates the Fed's confidence that inflation has significantly decreased and is moving toward the 2% target. Meanwhile, the job market continues to show strength.
New Zealand Dollar FAQs
What key factors drive the New Zealand Dollar?
The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
How do decisions of the RBNZ impact the New Zealand Dollar?

How does economic data influence the value of the New Zealand Dollar?

How does broader risk sentiment impact the New Zealand Dollar?

The Pound Sterling outperforms its major peers as UK Retail Sales grew at a faster-than-expected pace in AugustFears of UK inflation remaining persistent have deepened after an acceleration in price pressures coming from the services sector.The Fed is expected to continue an aggressive policy-easing cycle.
The Pound Sterling (GBP) refreshes a two-year high above the crucial resistance of 1.3300 against the US Dollar (USD) in Friday’s London session. The GBP/USD pair strengthens as the US Dollar faces severe selling pressure amid growing speculation that the Federal Reserve’s (Fed) policy-easing cycle will continue in the last quarter of the year. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, stays below the crucial resistance of 101.00 and is declining towards a year-to-date low of 100.21.
The Fed kicked off its policy easing cycle on Wednesday with a larger-than-usual rate cut of 50 basis points (bps), pushing borrowing rates lower to 4.75%-5.00%. This bumper rate cut from the Fed was a clear signal that policymakers are more focused on restoring labor market health and are confident about inflation returning to the bank’s target of 2%.
According to the CME FedWatch tool, the Fed is expected to cut borrowing rates further by 75 bps in the remaining two meetings this year, suggesting that there will be one more 50 bps rate cut. The tool also shows that the likelihood of the Fed reducing interest rates by 50 bps in November is at 43%, higher than the 37% recorded on Thursday. On the contrary, Fed policymakers see the federal fund rates heading to 4.4% by the year-end, a smaller reduction than the one that markets are pricing in.
Going forward, the next trigger for the Pound Sterling and the US Dollar will be preliminary S&P Global PMI data for September, which will be published on Monday.
Daily digest market movers: Pound Sterling outperforms its major peers
The Pound Sterling performs strongly against its major peers on Friday. The British currency strengthens as the United Kingdom (UK) Retail Sales data for August came in stronger than expected. The Retail Sales data, a key measure of consumer spending, rose at a robust pace of 2.5% on year, higher than the estimates of 1.4% and July’s print of 1.5%. On month, Retail Sales grew by 1% against expectations of 0.4% and the 0.5% advance registered in July.The report showed that households spent heavily on textile clothing and footwear stores and food stores, while sales receipts at other non-food stores declined. Signs of robust demand for durable items could further fuel price pressures, a potential concern after core inflation already came in hotter-than-expected in August. The persistence of high price growth in certain parts of the economy guided the Bank of England (BoE) to leave interest rates unchanged at 5% in Thursday’s policy meeting.The BoE kept its borrowing rates steady, with an 8-1 vote split. BoE external policy member Swati Dhingra was the only one among the Monetary Policy Committee (MPC) members who voted to cut interest rates by 25 basis points (bps) for the second time in a row. Investors were expecting that Deputy Governor Dave Ramsden would also vote for a cut, but he didn't.Also, BoE members unanimously voted to trim their government bonds holdings by 100 billion pounds over the coming 12 months.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Japanese Yen.
 USDEURGBPJPYCADAUDNZDCHFUSD -0.02%-0.12%0.85%0.07%0.07%0.00%-0.09%EUR0.02% -0.11%0.87%0.07%0.08%0.04%-0.06%GBP0.12%0.11% 0.98%0.20%0.21%0.15%0.06%JPY-0.85%-0.87%-0.98% -0.73%-0.75%-0.80%-0.88%CAD-0.07%-0.07%-0.20%0.73% -0.01%-0.05%-0.14%AUD-0.07%-0.08%-0.21%0.75%0.01% -0.04%-0.13%NZD0.00%-0.04%-0.15%0.80%0.05%0.04% -0.09%CHF0.09%0.06%-0.06%0.88%0.14%0.13%0.09% 
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Technical Analysis: Pound Sterling aims to stabilize above 1.3300

The Pound Sterling aims to gain firm-footing above 1.3300 against the US Dollar in European trading hours. The near-term outlook of the GBP/USD pair remains firm as it holds above the 20-day Exponential Moving Average (EMA) near 1.3150. Earlier, the Cable strengthened after recovering from a corrective move to near the trendline plotted from the December 28, 2023, high of 1.2828, from where it delivered a sharp increase after a breakout on August 21.
The 14-day Relative Strength Index (RSI) shifts above 60.00, suggesting an active bullish momentum
Looking up, the Cable will face resistance near the psychological level of 1.3500. On the downside, the psychological level of 1.3000 emerges as crucial support.
Related news
GBP/USD Forecast: Pound Sterling could face next resistance near 1.3350UK Retail Sales rise 1.0% MoM in August vs. 0.4% expectedFed's big rate and projections cut
 

Gold breaks to new record highs on Friday as central banks worldwide are expected to follow the Fed’s example. The precious metal shot to a new high after the Fed’s decision to slash borrowing costs by 0.50% on Wednesday. As traders say, the “trend is your friend,” and technically, Gold is in a strong uptrend in all time frames. 
Gold (XAU/USD) breaks to a new record high near $2,610 on Friday on heightened expectations that global central banks will follow the Federal Reserve (Fed) in easing policy and slashing interest rates. Lower interest rates are positive for Gold, as they reduce the opportunity cost of holding the non-interest-paying asset, making it more attractive to investors.
Following Wednesday’s Fed decision, the South African Reserve Bank (SARB) cut its key interest rate by 25 basis points (bps) on Thursday – the first cut since the Covid pandemic in 2020. The Central Bank of the Philippines cut interest rates by 250 bps to 7.0% at its meeting on Friday. The Reserve Bank of India (RBI) is now also widely expected to slash interest rates in sympathy with the Fed when it next meets.
Although the People’s Bank of China (PboC) kept its key lending rates unchanged at the September fixing on Friday, the one and five-year loan prime rates lie at record lows of 3.35% and 3.85%, respectively, after the bank made a surprise cut in July. The Bank of Japan (BoJ), meanwhile, left rates unchanged at its meeting on Friday, despite some speculation of a rate hike in the offing.  
Gold breaks above previous record highs
Gold is breaking above the previous record highs set on Wednesday of $2,600 following the Fed’s decision. At this meeting, the US central bank decided to cut interest rates by a double-dose of 50 pbs (0.50%). 
The upside for the yellow metal was capped, however, by the Fed’s broadly positive outlook for US growth, which the central bank saw remaining stable at about 2.0% per year until the end of 2027. This suggested a “soft landing” profile for the economy, which is broadly positive for sentiment. However, this was probably negative for the safe-haven Gold. Thus, the precious metal quickly fell after peaking.
At the same time, increased geopolitical risk aversion might be generating supportive safe-haven flows. Israel’s use of exploding pagers and walkie-talkies to eliminate and injure Hezbollah agents in Lebanon has increased the risk of an escalation in the Middle East conflict, potentially supporting the precious metal. 
Technical Analysis: Gold makes new high as uptrend extends
Gold has broken through to new highs on Friday, above the previous record high of $2,600 set after the Fed meeting on Wednesday. 
The technical analysis dictum says that “the trend is your friend,” which means the odds favor more upside for the yellow metal in line with the dominant long, medium, and short-term uptrends. 
XAU/USD Daily Chart

The next targets to the upside are the round numbers: $2,650 first and then $2,700. 
Gold is still not quite overbought, according to the Relative Strength Index (RSI) in the daily chart above, which also leaves room for more upside. 
In the event that Gold’s RSI enters the overbought zone on a closing basis, however, it will advise traders not to add to their long positions. 
If it enters and then exits overbought, it will be a sign to close longs and sell, as it would suggest a deeper correction is in the process of unfolding.   
If a correction evolves, firm supports lies at $2,550, $2,544 (0.382 Fibonacci retracement of the September rally), and $2,530 (former range high). 
Economic Indicator
Fed Interest Rate Decision
The Federal Reserve (Fed) deliberates on monetary policy and makes a decision on interest rates at eight pre-scheduled meetings per year. It has two mandates: to keep inflation at 2%, and to maintain full employment. Its main tool for achieving this is by setting interest rates – both at which it lends to banks and banks lend to each other. If it decides to hike rates, the US Dollar (USD) tends to strengthen as it attracts more foreign capital inflows. If it cuts rates, it tends to weaken the USD as capital drains out to countries offering higher returns. If rates are left unchanged, attention turns to the tone of the Federal Open Market Committee (FOMC) statement, and whether it is hawkish (expectant of higher future interest rates), or dovish (expectant of lower future rates).
Read more.
Last release: Wed Sep 18, 2024 18:00
Frequency: Irregular
Actual: 5%
Consensus: 5.25%
Previous: 5.5%
Source: Federal Reserve

 

Investing.com-- The Bank of Japan left interest rates unchanged as widely expected on Friday, and said that it continued to expect outsized growth in the Japanese economy amid a steady uptick in inflation. 
The BOJ kept its benchmark short-term rate unchanged at 0.25%, with all nine members of the rate-setting board supporting a hold.
The decision was in line with market forecasts, with the BOJ expected to adopt a wait-and-see approach after raising interest rates twice so far this year. 
The bank gave scant cues on plans to raise rates further in its monetary policy statement, with an address by Governor Kazuo Ueda, due at 02:30 ET (06:30 GMT) set to offer more cues on future rate action. 
The BOJ said that it expects the Japanese economy to keep growing above consensus, and that inflation is also expected to increase in the coming months. Underlying consumer price index inflation is expected to increase gradually.
The BOJ’s decision comes just hours after CPI data for August showed inflation reaching a 10-month high, amid improving private consumption.
Higher inflation expectations have been a key driver of the BOJ’s rate increases this year, as the bank forecast an uptick in inflation and private spending on the back of higher wages. So far, inflation appears to be rising in line with the BOJ’s forecasts.
But the central bank still flagged “high uncertainties” over Japanese economic activity and prices, and said that volatility in foreign exchange markets was likely to affect local prices more than seen in the past. 
The BOJ’s hold comes just days after the Federal Reserve cut interest rates and announced the start of an easing cycle. 
The Japanese yen firmed after the BOJ decision, with the USDJPY pair falling 0.3% to 142.16 yen. Japanese stocks trimmed their intraday gains, with the Nikkei 225 trading up 1.9% after rising as much as 2.5% earlier in the session.

Investing.com -- US stock futures inched down on Friday following a furious, record-setting rally on Wall Street in the previous session. Appetites for technology stocks and other risky assets were whetted by the Federal Reserve's super-sized interest rate reduction earlier in the week, while fresh jobless claims data bolstered hopes that the lower borrowing costs will support labor demand without re-fueling price pressures. Meanwhile, the Bank of Japan keeps interest rates steady and Nike (NYSE:NKE) announces the upcoming departure of Chief Executive John Donahoe.
1. Futures dip
US stock futures edged lower on Friday after equities on Wall Street, buoyed by a jumbo Federal Reserve interest rate cut, hit record highs in the prior session.
By 03:19 ET (07:19 GMT), the Dow futures contract had shed 32 points or 0.1%, S&P 500 futures had dropped by 10 points or 0.2%, and Nasdaq 100 futures had shed 49 points or 0.2%.
The main averages on Wall Street rallied on Thursday, boosted by the Fed's decision to roll out an uncommonly large 50-basis point slash to borrowing costs and signal the beginning of an easing cycle. The benchmark S&P 500 gained 95 points or 1.7%, the tech-heavy Nasdaq Composite added 441 points or 2.5%, and the 30-stock Dow Jones Industrial Average advanced by 522 points or 1.3%.
Sentiment was also bolstered by data showing that weekly jobless claims had fallen to a four-month low. The figures, which were also below economists' estimates, fueled hopes that the drawdown in interest rates will keep a lid on unemployment without sparking a resurgence in inflation. US government debt sold-off following the data, pushing benchmark 10-year Treasury yields higher.
"[F]or the time being, fundamental news flow is still favorable (disinflation, resilient growth, rate cuts, and healthy corporate performance), which should keep a bid beneath stocks," analysts at Vital Knowledge said in a note to clients.
2. Central bank decisions in Asia
The Bank of Japan left interest rates unchanged as widely expected on Friday and upgraded its outlook for consumption, in a sign that it continues to expect moderate growth in the Japanese economy.
The BOJ kept its key short-term rate at 0.25%, with all nine members of the rate-setting board supporting a hold. The decision was in line with market forecasts, with the BOJ tipped to adopt a wait-and-see approach after raising borrowing costs twice so far this year.
But the central bank still flagged “high uncertainties” over Japanese economic activity and prices, and said that volatility in foreign exchange markets was likely to affect local prices more than in the past.
Elsewhere, the People’s Bank of China kept its closely-monitored loan prime rate (LPR) steady, but is expected to eventually trim it further amid weak recent economic conditions in the country.
The PBOC kept its one-year LPR at 3.35%, while the five-year LPR, which is used to determine mortgage rates, was left unchanged at 3.85%.
3. Nike CEO to step down
Shares in Nike rose in extended hours trading after the athletic apparel firm announced that Chief Executive John Donahoe will set to step down from the position next month.
Donahoe will be replaced by Elliott Hill, who previously spent more than three decades at Nike in various senior leadership roles, including a stint as president of its consumer and marketplace unit from 2018 to 2020. Hill will take over at the helm of the company on October 14.
In a statement, Donahoe said: “It became clear now was the time to make a leadership change, and Elliott is the right person. I look forward to seeing Nike and Elliott’s future successes.”
The announcement comes after Nike has seen its market share eroded by new competitors like On and Hoka. In June, the group issued a sales warning for its core products, sending its stock price down by 20% at the time.
Wall Street analysts have wondered if Donahoe, a former technology industry executive who had helmed eBay (NASDAQ:EBAY) and ServiceNow (NYSE:NOW), was the right fit to run a consumer products brand.
4. FedEx (NYSE:FDX) cuts annual guidance
Shares in FedEx sank in extended hours trading after the logisitics group cut its full-year guidance and reported fiscal first-quarter earnings that fell well short of Wall Street expectations.
For fiscal 2025, the company narrowed its outlook for adjusted earnings per share (EPS) to a range of $20.00 to $21.00, down from $20.00 to $22.00 previously. Revenue growth for the year was now expected to come in at a low single-digit percentage year-over-year, compared with the prior forecast of a low-to-mid single digit percentage increase.
FedEx reported adjusted earnings of $3.60 per diluted share on revenue of $21.6 billion. Analysts polled by Capital IQ had anticipated EPS of $4.86 on revenue of $21.96B.
Federal Express, a key segment, saw margins fall to 5.2% in the first quarter from 7.1% a year earlier.
5. Oil on pace for second straight weekly gain
Crude prices slipped lower Friday, but were on track for a second consecutive higher week after the large cut in US interest rates helped quell some fears of slowing demand.
By 03:18 ET, the Brent contract dropped 0.4% to $74.60 per barrel, while U.S. crude futures (WTI) traded 0.3% lower at $70.93 a barrel.
The benchmarks have been recovering after they fell to near three year-lows on Sept. 10, and have registered gains in five of the seven sessions since then, including gains of over 4% this week.
Crude inventories in the US, the world's largest producer, fell to a one-year low last week, according to official government data earlier this week, but bigger gains were held back by persistent concerns over slowing demand, especially in top importer China.

Ethereum developers have agreed to split Pectra upgrade into two phases.Phase one of the Pectra upgrade will go live in early 2025 and feature a proposal to improve the wallet experience.Ethereum could continue to rally if open interest stays on an uptrend and ETH overcomes the $2,595 resistance.
Ethereum is up 6% on Thursday following the recent decision by core developers of the Main chain to split the upcoming Pectra upgrade into two phases.
Ethereum core developers agree to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals (EIPs).
Pectra was set to be Ethereum's largest upgrade in recent times; however, core developers decided it would now feature a select number of proposals in two phases to make the upgrade less cumbersome.
Phase one will feature eight EIPs, including Ethereum co-founder Vitalik Buterin's EIP-7702, which introduces a novel method of account abstraction that will improve user experience in wallets.
The second phase will include an upgrade to how bytecode is processed and executed by the Ethereum Virtual Machine, the decentralized virtual computation engine that executes smart contracts on the Main chain. It will also include EIP-7594, which aims to implement a protocol to improve blob capacity.
Phase one of the Pectra upgrade will go live as previously scheduled in early 2025, while phase two will come much later.
According to core developers, the decision to split the upgrade allows key features to ship in the first phase while allowing room to implement the second properly.
Meanwhile, Ethereum ETFs recorded a net outflow of $9.8 million on Wednesday, following a $14.7 million exodus from Grayscale's ETHE and $4.9 million inflows in BlackRock's ETHA.
Ethereum could continue upward march if it overcomes $2,595 resistance
Ethereum is trading around $2,460 on Thursday, up over 6% on the day. ETH recorded over $31 million in liquidations within the past 24 hours, with long and short liquidations accounting for $5.68 million and $25.33 million, respectively.
Ethereum broke above the $2,395 price and descending trendline resistance as buyers stepped up momentum following the Federal Reserve's (Fed) 50-basis-point rate cut on Wednesday.

ETH/USDT 4-hour chart
The move could see ETH rally to the $2,595 rectangle's resistance. If it fails to see a correction around this level, then it could target the $2,817 key price level. After establishing a yearly high in March, the $2,817 price level served as a major support level for over four months following ETH consolidation. A reclaiming of this level could fuel the bullish momentum.
ETH's futures open interest (OI) also paints a bullish picture, rising more than 10% to cross $10.7 billion in the past 24 hours — its highest level since the market crash on August 5.
Open interest is the total number of unsettled long and short positions in a derivatives market. Rising OI often indicates increased traders' confidence, while vice versa for declining OI as traders are either closing positions or experiencing liquidations.

ETH's Open Interest
The growth in ETH's OI indicates traders are becoming increasingly confident of more potential upsides for ETH. A steady growth in this metric could see ETH sustain the uptrend.
The 4-hour Relative Strength Index (RSI) and Stochastic have entered their oversold region above 70 and 80, respectively, indicating a potential looming correction.
A daily candlestick below $2,395 will invalidate the thesis and see ETH consolidating again.
In the short term, positions worth $56.57 million risk liquidation if ETH declines to $2,412.
Ethereum FAQs
What is Ethereum?
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
What blockchain technology does Ethereum use?

What is staking?

Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?

Related news
Ethereum attempts recovery following first rate cut in four yearsEthereum could rally 17% amid Bitwise thesis on ETH contrarian betCrypto Today: Bitcoin breaks $63,500, Ethereum closer to $2,500, XRP holds steady above $0.58

Bitcoin and the S&P 500 have exhibited similar price patterns in the past few months.The rising correlation could be due to institutional players entering the crypto market and Fed's recent rate cut.Bitcoin has outperformed over 250 altcoins in the top 300 since the beginning of the year.
Bitcoin's (BTC) price rallied alongside the S&P 500 (SPX) on Thursday, strengthening its rising correlation with the index in 2024.
Bitcoin has moved largely in tandem with S&P 500 in past few months
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Since hitting a low of $53,300 on September 6, Bitcoin has rallied over 17%, adding more than $200 billion in market capitalization.
However, the recent rally isn't peculiar to Bitcoin and cryptocurrencies alone, as US stocks have also been on an uptrend.
Since the Fed announced the rate cut, the S&P 500 has added nearly $1 trillion in market capitalization. Like Bitcoin, the index has also seen an impressive recovery from a low on September 6, gaining over $3 trillion in market cap.
Besides bullish seasons, Bitcoin and the S&P 500 have followed the same pattern in recent bearish periods. The index dropped nearly 10% days after the “yen carry trade” unwinding. In the same period, Bitcoin went below $50,000
The move underscores Bitcoin's rising correlation with the S&P 500 in recent months.

BTC/USDT vs SPX
A potential reason for the rising correlation could be traced to the increased participation of institutional players in the crypto market through the launch of Bitcoin and Ethereum exchange-traded funds (ETFs). Additionally, the anticipation and eventual Fed rate cut is expected to see investors deploy capital into risk assets like crypto and stocks, causing a potential simultaneous rise in both assets.
While the correlation exists for now, it's important to note that it can change unexpectedly, especially due to the somewhat unclear regulatory hurdle Bitcoin faces and high speculative behavior of most crypto investors.
Meanwhile, a recent chart by @MustStopMurad on X shows that only 42 cryptocurrencies in the top 300 outperformed Bitcoin since the beginning of the year. He further highlighted that most of the 42 cryptocurrencies were recently launched tokens, and the others were largely meme coins. As a result, Bitcoin has proven a better bet than the larger percentage of reputable altcoins.
Only 42 tokens among the Top 300 on CoinMarketCap have outperformed BTC in 2024 Year-to-Date, according to @MustStopMurad. 11 of the top 15 tokens are MEME. 20 tokens were listed on Binance last year or earlier, and 5 tokens listed on Binance in 2024. pic.twitter.com/DDL0cBfzhq— Wu Blockchain (@WuBlockchain) September 19, 2024
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?

What are stablecoins?

What is Bitcoin Dominance?

Related news
Bitcoin offers diversity for traditional investors: BlackRockBitcoin aims for $65,000 as interest rate data and on-chain metrics fuel optimismEthereum rallies over 6% following decision to split Pectra upgrade into two phases

On-chain data shows the Altcoin Season Index has more room for growth.Upcoming US Presidential elections could fuel a parabolic move for altcoins.A crypto analyst projects the similarity of the 2017 and 2021 alt seasons with the ongoing cycle.
 
Altcoin season is when cryptocurrencies other than Bitcoin see substantial price increases. On-chain data indicate that the Altcoin Season Index has further potential for growth. With the upcoming US Presidential elections and insights from crypto analyst Moustache, the current cycle could echo the altcoin seasons of 2017 and 2021, possibly leading to a parabolic move for altcoins.
Furthermore, Santiment data shows that the price of Bitcoin and most altcoins rose following Wednesday's 50 basis point rate cut by the US Federal Reserve (Fed).

 
On-chain metrics show too early for Altseason
Blockchaincenter.net’s Altcoin Season index chart shows whether it is Altcoin season or Bitcoin season. If the index is below 25, it suggests that Bitcoin performs well compared to altcoins (money flows into Bitcoin from altcoins). However, if the index is above 75, it suggests that altcoins perform better than Bitcoin (money flows into altcoins from Bitcoin).
The index stands at 33, indicating that altcoins have more room for growth. Investors still prefer to invest their money in Bitcoin or hold it rather than transferring it to altcoins.

Altcoin Season index chart
The Top 50 performance analysis over the last 90 days shows that a few altcoins like AAVE, SUI, and TRX have risen above 20%. However, most other top altcoins are still under the woods. This shows more room for growth, and the altcoin season is yet to come.

Top 50 Performance chart
 
Upcoming US elections
Crypto assets generally follow a four-year cycle:
A bull phase around a year.A significant bear market lasts for a year.A two-year recovery phase. 
The chart below shows that the 2022 bear phase followed the 2021 bull phase. 

Crypto cycles chart
The recovery phase of the crypto market cycle started in 2023 and could last till 2024, which often coincides with “altseason,” where altcoins (everything except Bitcoin) experience significant surges in price. 
This year, the timing aligns with Bitcoin’s fourth halving in April and the US Federal Reserve interest rate cut of 50 basis points (bps) in September, which is generally positive for risky assets like cryptocurrencies. 
Moreover, the upcoming US Presidential elections will be held in November. Unlike the previous elections, the candidates in this election are not side-viewing cryptocurrency. They are discussing cryptocurrencies in their campaigns and possibly fueling a parabolic move in the crypto market.
 
Technical Analysis of Altcoin 
Moustache, a crypto analyst, posted on Twitter, “We’re all not bullish enough. Cycles repeat themselves.” 
Historically, the 2017 altcoin chart shows two curves before the parabolic move to the upside, and currently, the altcoin chart projects a similar move, which could lead to a sharp rise in 2025.
#Altcoins

We're all not bullish enough.

Cycles repeat themselves.

2017-2021-2024/2025. pic.twitter.com/puQzHFYxrt— ⓗ (@el_crypto_prof) September 17, 2024
 

Pepe’s price broke and closed above the descending trendline on Thursday, eyeing for a rally.On-chain data hints at a bullish move as PEPE’s dormant wallets are active, and the long-to-short ratio is above one.A daily candlestick close below $0.0000069 would invalidate the bullish thesis.
 
Pepe (PEPE) extends the upward movement on Friday after breaking above the descending trendline and resistance barrier on Thursday. PEPE’s dormant wallets are in motion, and the long-to-short ratio is above one, further supporting this bullish move and hinting at a rally on the horizon.
 
Pepe price shows potential for a rally 
Pepe price broke above the descending trendline (drawn by joining multiple high levels from the end of July to mid-September) and closed above the daily resistance level of $0.0000078 on Thursday. At the time of writing on Friday, it continues to trade higher at around $0.0000083.
If PEPE’s price establishes support near the trendline breakout level, with the previous daily resistance around $0.0000078 acting as support, it could rally 30% to restest its 61.8% Fibonacci retracement level at $0.0000104 (drawn from the July high to the August low).
The Moving Average Convergence Divergence (MACD) indicator further supports PEPE’s rise, signaling a bullish crossover on the daily chart. The MACD line (blue line) moved above the signal line (yellow line), giving a buy signal. Furthermore, the Relative Strength Index (RSI) trades above its neutral level of 50 and tilts higher, indicating strong bullish momentum.

PEPE/USDT daily chart
PEPE’s on-chain data further supports the bullish thesis. Coinglass’s long-to-short ratio is 1.08, the highest level in one month. This indicates that more traders are betting for the asset’s price to rise.

PEPE long-to-ratio chart
Additionally, Santiment’s Age Consumed index aligns with the bullish outlook. The spikes in this index suggest dormant tokens (tokens stored in wallets for a long time) are in motion and can be used to spot short-term local tops or bottoms.
For PEPE, history shows that those spikes were followed by a rally in Pepe’s price. The most recent uptick on September 10 also forecasted that PEPE was ready for an uptrend.

PEPE Age Consumed index chart
However, If Pepe’s daily candlestick closes below $0.0000069, it would form a lower low on the daily time frame, thus invalidating the bullish thesis. This development would reduce Pepe’s price by 13% to retest the daily support at $0.0000060.
Related news
PEPE slides as whales lose interest, traders engage in profit-takingShiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentumTop 3 meme coins Dogecoin, Shiba Inu and Pepe: Over 45% investors profitable, memes extend gains

Shiba Inu price breaks above the symmetrical triangle pattern, signaling a bullish move ahead.On-chain data paints a bullish picture as SHIB’s daily new transactions increase.A daily candlestick close below $0.000012 would invalidate the bullish thesis.
 
Shiba Inu (SHIB) remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Shiba Inu is set for an upsurge after breaking above symmetrical triangle pattern
Shiba Inu price was training inside a symmetrical triangle pattern and broke above it on Thursday. This pattern is formed by connecting multiple high and low levels with two converging trendlines (from mid-July to mid-September); breaking above this pattern favors the bulls. As of Friday, it continues to trade above around $0.000014.
If the upper trendline of the symmetrical triangle around $0.000013 holds as support, SHIB could rally 15% to retest the August 24 high of $0.000016.
The Moving Average Convergence Divergence (MACD) indicator further supports SHIB’s rise, signaling a bullish crossover on the daily chart. The MACD line (blue line) moved above the signal line (yellow line), giving a buy signal. It shows rising green histogram bars above the neutral zero line, also suggesting that the Shiba Inu price could experience upward momentum.
Furthermore, the Relative Strength Index (RSI) trades above its neutral level of 50, indicating bullish momentum.
If the bulls are aggressive and the overall crypto market outlook is positive, Shiba Inu could close above the weekly resistance of $0.000016. It could extend an additional 20% rally to retest its July 16 high of $0.000020.

SHIB/USDT daily chart
IntoTheBlock’s  In/Out of the Money Around Price (IOMAP) further supports the bullish outlook. Nearly 10,580 addresses accumulated 44.45 trillion SHIB tokens at an average price of $0.000014. These addresses bought the dog-based meme token at the $0.000014 level, which makes it a key support zone. 
Interestingly, the $0.000014 level, from a technical analysis perspective, coincides with the IOMAP findings, making this zone a key reversal level to watch.

SHIB IOMAP chart
According to Shibarium Scan, daily new transactions align with the bullish outlook. The new transactions increased from 3,090 on Monday to 11,357 on Thursday, the highest in one month. This transaction surge suggests that investors’ interest and activity in Shiba Inu Blockchain usage are rising, bolstering the bullish outlook for the dog-based meme token.

SHIB New transactions chart
Despite the bullish outlook suggested by the technical analysis and on-chain metrics, if Shiba Inu’s daily candlestick breaks below the lower trendline and closes below $0.000012, the bullish thesis would be invalidated. In such a case, SHIB’s price would extend a decline by 12% to retest its September 6 low of $0.000010.
Related news
Top 3 meme coins Dogecoin, Shiba Inu and Pepe: Over 45% investors profitable, memes extend gainsShiba Inu Layer 2 chain records highest number of projects in three months, SHIB poised for gainsBitcoin aims for $65,000 as interest rate data and on-chain metrics fuel optimism

U.Today - After decisively breaking above the 50-day Exponential Moving Average, Dogecoin has shown indications of a possible trend reversal lately. In the past, the 50 EMA has served as a crucial barrier to distinguish between bullish and bearish trends. Assuming that Dogecoin is about to transition from its current downward trajectory to a new upward one, a break above it is frequently seen as a bullish signal.
Having overcome its 50-day EMA, DOGE is currently trading slightly above $0.104. Given that Dogecoin has been trading in a generally bearish pattern over the last few months, this development is significant because it may signal the start of a larger reversal. If this momentum continues, Dogecoin may see additional gains in the next few days.
The breakthrough above this level suggests renewed buying pressure. The potential for a golden cross adds to the intrigue of this scenario. When a long-term moving average like the 200-day EMA crosses above the short-term moving average in this example, the 50-day EMA a golden cross is formed.
The current breakout gives hope that Dogecoin may eventually invalidate this bearish pattern and trigger a golden cross in place of the death cross, which occurred when the 50-day EMA crossed below the 200-day EMA. A development of that kind would probably encourage even more bullish sentiment.
The 100-day and 200-day moving averages or $0.11 and $0.118 are important resistance levels to keep an eye on if Dogecoin is to keep moving higher. Indicating a return to bullish territory for DOGE, a break above these levels could confirm a reversal.
After the recent rate cut of 50 basis points, which sparked a wave of capital inflows onto the cryptocurrency market, Bitcoin (BTC) has seen a notable breakout. This bullish trend has lifted Bitcoin above significant technical milestones, suggesting that the most popular cryptocurrency may make a return earlier than most people had expected.

Bitcoin rate cut boost
Following the breakout, Bitcoin has risen above its 50, 100 and even the crucial 200 EMAs. An indication that the momentum is changing and that Bitcoin might be getting ready for a long-term upswing is this string of bullish breaks. Around $68,000, or the upper end of the declining price channel that has been in effect for the majority of 2024, is the next significant resistance level.
Since these moving averages frequently serve as important barriers to entry, breaking through them is a strong technical signal. When they are broken, it means that there is a positive shift in market sentiment.
Since the 200-day EMA is a crucial indicator for many institutional and long-term investors, Bitcoin's breakout above it is especially significant. Since there have been significant inflows onto the market, Bitcoin's current price is above $62,000, and it appears that this rally may continue. If Bitcoin succeeds in surpassing the $68,000 barrier, it may indicate the start of a more extensive rebound for the whole cryptocurrency market.
Past the $68,000 mark, the previous all-time highs might be the next important levels to monitor, which might pique the interest of institutional and retail investors once more. Though sentiment is generally positive, it is crucial to keep in mind that Bitcoin is still moving within a larger descending channel.
If it fails to break above $68,000, this could lead to a retracement back to support levels around $60,000. However, for the time being at least, it seems that the bulls have the momentum, and Bitcoin is strengthening as it rises from its most recent lows.

Toncoin's recovery begins
With its long-desired $6 target now within reach, Toncoin is rapidly approaching a critical moment. While the asset is exhibiting bullish momentum at $5.77, traders should exercise caution because the 50-day Exponential Moving Average is a formidable obstacle.
If TON succeeds in breaching this crucial barrier, it may surge rapidly in the direction of $6. If this is not done, though, there could be a significant retreat. The technical picture indicates that TON is at a critical juncture.
The 50 EMA has historically been a strong resistance level, frequently serving as a divide between bullish and bearish trends. Because TON's price is currently trading just below this level, a breakout could indicate that the asset is regaining momentum.
However, if this does not happen, a retracement back to earlier support levels at $5.50 or even $5.30 may be necessary. The formation of a double-top pattern on local time frames adds to the uncertainty.
If the $6 target is not hit soon, there may be an impending pullback, according to this bearish chart pattern, which frequently signals a decline in price. Before making any significant decisions, traders should be aware of this trend and wait for confirmation signals.
This article was originally published on U.Today

LAS VEGAS, United States, September 19th, 2024, Chainwire
Blockchain storage layer Xandeum has announced that it will reveal its blueprint for scaling Solana storage at Breakpoint 2024 on September 20, 2024. At the flagship Solana conference in Singapore, Xandeum will also share details of its new storage-enabled liquid staking program and officially announce the launch of the XAND token.
Designed to overcome the limitations of Solana’s current storage model, Xandeum’s technology will allow dapps to scale by accessing virtually unlimited storage. Solana can be looked at as a “world computer”, and Solana accounts are its “RAM”. At Breakpoint 2024, Xandeum will share its vision for adding the “hard drive” via their scalable storage layer, the missing piece to a full-fledged world computer. This innovation enables a Cambrian Explosion of storage-enabled dapps.
The smart contract native storage layer introduces “Xandeum buckets,” an exabytes+ scalable file system integrated directly into Solana RPC (NYSE:RES) nodes. Storage will be offloaded to a decentralized network of hundreds of thousands of storage provider nodes (pNodes), supervised by Xandeum-enabled Solana validators. pNodes, validators, and liquid stakers will earn additional rewards in SOL, thanks to highly dynamic fee markets designed to optimize storage efficiency and profitability.

“A low-cost, decentralized storage solution will drastically expand the application landscape.” says Tommy Johnson, early Solana builder, co-founder, and lead engineer at Armada. “It can unlock a new revenue stream for SOL validators and stakers. The Xandeum solution will have an enormous impact on the growth of the Solana ecosystem.”
More details of Xandeum’s Solana scaling solution will be shared at Breakpoint 2024. In addition, Xandeum will use the event to announce its storage-enabled liquid staking platform. Scheduled to go live on October 29, the platform will capture future Xandeum storage fees for xandSOL stakers. Early adopters who stake with Xandeum will be eligible for boosted rewards of up to 10x with more details at https://xandeum.network
As an event sponsor, the Xandeum team will have its own booth at Solana Breakpoint 2024 in Singapore, with community members able to learn more about key initiatives including the liquid staking pool, XAND token, and forthcoming airdrops. The first airdrop snapshot will take place on October 8, with the XAND token launch scheduled for October 29.
Xandeum’s development of new storage primitives to enhance Solana’s programming model will solve the issues with the current storage system, known as “accounts,” which has proven insufficient to hold even a few gigabytes per dapp. These limitations threaten to stifle the growth of web3 applications on Solana.
Xandeum lead developer Xandeum Labs has raised $2.8M to build out its scaling solution and has seen significant interest from Solana’s builder community, with over 4B transactions completed on its community-run devnet. Xandeum will support a new wave of scalable web3 dapps while maintaining Solana’s security and decentralization.
About Xandeum Labs
Xandeum Labs is a web3 startup dedicated to building the scalable storage layer for Solana. As a major contributor to the world’s first storage-enabled liquid staking platform, operated by the XAND DAO, Xandeum has already raised $2.8 million from its community and is on track to launch its pNode network in early 2025.
Users can learn more: https://xandeum.com
ContactBernie BlumeXandeum Labshello@xandeum.com
This article was originally published on $SOL Chainwire
$SOL