"BTC, ETH Analysis: Market Trends and Countermeasures on 2024.05.02"
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Bitcoin ETF News and Market Analysis
Bitcoin ETFs have seen net outflows again, about $161 million, indicating that Bitcoin is still being dumped in the market. This leads to short-term bearish price trends. The Federal Reserve meeting decided to keep interest rates unchanged, which was in line with expectations. The market expects the next interest rate change to occur around September or November, with a possible rate cut. Bitcoin price analysis shows that the price is still below the Fibonacci level (around $60,000). If the price confirms below $60,000, the next major downside support level will be the 38.2% Fibonacci level (around 51 to 52,000 points). Technical analysis shows that the price may confirm a break below the support line (around 59,000 points) and begin a new bullish divergence. Trading strategy suggests that personal short-term trading strategies begin to scale into new Bitcoin long positions with relatively low leverage positions.
Ethereum (ETH) Technical Analysis and Price Prediction
Ethereum (ETH) is currently trading at around $2,950 with a change of -1.66% in the past 24 hours. Technical analysis shows that ETH is trading in a channel down pattern with a neutral trend on a medium-term basis and an uptrend on a short-term and long-term basis. Fibonacci retracement analysis shows that the current price is running towards the 38.2% Fibonacci support level, which is just below 2.9k at around $2,860-2,870. The RSI has entered the oversold region on the 8-hour ETH/USD chart, which has historically led to short-term rallies. In conclusion, technical analysis shows that ETH is trading in a channel down pattern with mixed momentum. The price is currently running towards the 38.2% Fibonacci support level, and if we break below 2.9k, we may see the price move down to the 50% Fibonacci retracement level. However, the RSI has entered the oversold territory, which suggests that a rebound or consolidation may occur in the short term.
