Guys, the latest economic data has just been released! Canada's current account deficit is only 2.13 billion, much better than the expected 19.4 billion, indicating strong resilience in the global economy. The number of unemployment claims in the U.S. has slightly increased to 235,000, but the overall job market remains robust. The key point is that the revised U.S. GDP growth rate remains at a high 3%, although slightly lower than the initial value, the economic momentum is still very much alive!
What do these data indicate? The global economy is steadily recovering, and the liquidity remains ample, which is definitely a long-term positive for the cryptocurrency market! With the overall environment improving, capital will continuously flow into the crypto space.
Looking at the ETH technical side, it is currently at a critical turning point! The current price is oscillating near the key level of 4550, the Bollinger Bands are starting to converge, with the upper band at 4660 being an important resistance level, and the lower band at 4470 being strong support. Although the MACD is still below the zero line, it has shown signs of turning, and the shrinking volume indicates that a turning point is imminent!
Here are a few operational suggestions for you guys:
Hold the 4550 level, consider gradually positioning for a breakthrough at the 4660 resistance level, and if it pulls back to the 4470 support level, it could be a buying opportunity.
Remember, we are in a consolidation phase right now, don't chase highs and sell lows. Supported by the economic fundamentals, the crypto market remains optimistic in the medium to long term! Follow me to grasp market trends in real-time!
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