Join our Telegram group to stay up to date with the latest live crypto news.
After progressing throughout the office week, cryptocurrencies have lost ground over the weekend and continue to correct this Monday, a movement which does not spare Ethereum.
The second cryptocurrency on the market in terms of capitalization appears at $2,625 at the time of writing this article, i.e. 3.8% below Friday’s one-month high of $2,730.
Ethereum weakens on profit-taking, caution increases ahead of NFP report
Recall that several factors spurred Ethereum’s rise last week, including the announcement of economic support measures in Chinawhich triggered a wave of widespread optimism in the markets.
Flows into US spot Ethereum ETFs also proved strong last week, with a total of $85 million inflows, compared to $26.2 million in outflows the previous week.
Furthermore, BlackRock’s ETH Ethereum saw its outstanding exceed a billion dollars last Friday.
However, caution then gained over investors over the weekend, as investors became less and less optimistic about the measures announced by China, with some believing that they are the symptom of panic of the government.
In addition, US employment data expected this week could significantly influence expectations for the next Fed meetings.
The NFP report is in fact expected on Friday, and job creation below consensus, and/or an unemployment rate higher than expected, could reinforce the probability of a new rate cut of 50 points basic, currently at 46% according to the CME’s FedWatch tool.
What are the supports and resistances to watch in the short term on ETH/USD?
Regarding the technical context of Ethereum, we note that the trend of recent days relates to the bullish consolidation.
If the correction observed since Saturday becomes more pronounced, it is the threshold of $2,500 which will be the first support to considerbefore the $2400 area. Further down, the September 6 low at $2150 could then be targeted.
On the upside, last Friday’s peak at $2730 is the first potential obstacle, before the August 24 peak at $2820, then the $3,000 round thresholdand the 100-day moving average at $3,200 right now.
Ethereum could therefore have entered a phase correctivewhich obviously does not favor buying, a situation which is found in most major cryptos this Monday. In this context, investors can take the time to study new cryptos with high potential, such as Crypto All-Stars ($STARS).
Already more than 1.8 million dollars raised in pre-sales for this new innovative project aimed at meme-coin fans
Crypto All-Stars ($STARS) offers to simplify staking for meme-coin holders, by offering them a one-stop shop allowing them to earn passive income of all their favorite tokens, thanks to “Memevault”.
The project’s native token, $STARS, currently in pre-sale, is involved in the staking remuneration, but is also an investment in its own right, benefiting from a staking program at among the highest yields of the moment.
The Crypto All-Stars pre-sale has already raised over $1.8 million in investments, which is far from being anecdotal for such a young project. Knowing that the pre-sale price will be regularly increased until the launch on crypto platforms, we recommend that you find out quickly!
Cryptoassets represent a risky investment.
Source : Crypto All-Stars
On the same subject:
This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.
