Fundamentals: The minutes released early in the morning mentioned several key words: tariffs, inflation, employment, stablecoins. The minutes show that although two officials opposed and advocated for interest rate cuts, the decision to maintain interest rates last month received broad support. However, a few officials aligned with Waller and Bowman hinted that they might support a rate cut at the Federal Reserve's next meeting on September 16-17. The overall tone of the Federal Reserve's July meeting was hawkish, with more officials open to a rate cut in September. The Federal Reserve's unique institution consistently maintains its policy independence, targeting employment and inflation, but Trump has been trying to influence or even interfere with the Fed, even with rumors circulating about firing Powell recently; yesterday, Trump demanded the resignation of Fed Governor Cook on the grounds of 'loan fraud allegations' — the Fed is gradually being dismantled by Trump. Cook was nominated to the Fed by Biden, took office in 2022, and his term extends until 2038. According to the law, the president cannot arbitrarily dismiss a Fed governor unless 'misconduct or serious malfeasance' is proven. The question is — if the so-called 'violations' occurred before she took office, does it count? Many legal experts feel this reasoning is too far-fetched. The Supreme Court emphasized this year that the Fed is a 'special semi-independent institution,' and presidential power is not that great. Trump is still this way, and the possibility of him just talking big is higher.
NVIDIA was continuously sold off at the opening, then gradually recovered intraday losses. NQ100 opened low and moved higher, closing down 0.66%. The US stock market opened lower, which once dragged BTC down to the 113000 level, but then started a retaliatory rebound, still under pressure at the 114550 level. ETH dropped to 4106 at the US stock market opening but did not break yesterday's low of 4060, then immediately started a strong rebound, recovering previous losses but still under pressure near 4380.
Technical aspects:
Resistance level: 4370-4380 Support level: 4180-4210 4080-4110
Operational idea: Pay attention to the gains and losses around 4370-4380. If it continues to be under pressure, consider shorting based on subsequent patterns.
Note: Daily level A-B-C wave 4794-4060 Fibonacci ratio rebound focus points 4340 (0.382) 4427 (0.5) 4513 (0.618)
