ETH fell below $3,100 in the short term, and crypto market sentiment was hit again

Crypto markets and tech stocks failed to bounce back following strong U.S. GDP data and cooling personal consumption expenditures (PCE) inflation data on Thursday.

GDP data released on Thursday showed that the U.S. economy grew by 2.8% in the second quarter of 2024, exceeding economists' forecast of 2%, and inflation pressure measured by the personal consumption expenditures (PCE) price index fell to 2.6% from 3.4% %, indicating progress towards the Fed's 2% inflation target.

ABN AMRO economist James Knightly said U.S. consumer spending will slow in the second half of 2024. He added: "Business surveys certainly point to a weak outlook, and today's data does not shake market confidence that the Fed will cut interest rates in September."

Rate traders are pricing in a September rate cut, according to CME's FedWatch tool The probability was raised to 85.7%.

As of the close of the day, major U.S. stock indexes were mixed, with the Dow Jones closing up 0.20%, the S&P and Nasdaq falling 0.51% and 0.93% respectively.

Bitcoin fell below the $65,500 support in the early hours of Thursday morning, hitting a low of $63,420 in the afternoon, before bulls pushed it back above $65,000, data showed. At the time of writing, Bitcoin is trading at $65,857, up 0.43% in 24 hours.

Ethereum fell nearly 5% in 24 hours, once falling below $3,100 that day. Since the listing of the spot Ethereum ETF, ETH has fallen 8.2% in the past week.

The altcoin market was generally down, with only Galxe (GAL) among the top 200 coins by market capitalization posting gains, rising 15.4% to trade at $3.55. Among the declining coins, BinaryX (BNX) led the decline, losing 19%, Blast (BLAST) lost 15.2%, and ether.fi (ETHFI) lost 14.2%.

The current overall market value of cryptocurrency is US$2.3 trillion, and Bitcoin’s share is 55.4%.

The whale that has been dormant for 7 years transferred 92,500 ETH, is it related to the Ethereum Foundation?

Blockchain trackers including Whale Alert detected that at 03:39:23PM UTC on July 25, an address transferred more than 92,000 ETH, worth approximately US$290 million, after being dormant for 7 years. The tokens have been held at the same address since 2017.

Arkham Intelligence’s on-chain data shows that the funds may be related to the Ethereum Foundation, and the address was flagged by it as a wallet suspected to be associated with the Ethereum Foundation (0xe93232a). Others in the community said the funds may be tied to early donors to the organization.

Data shows that the wallet originally received 96,474 ETH from the Ethereum Foundation on September 1, 2015 at 12:21:51 UTC, worth $130,320.

Currently, these tokens are idle in wallet "0xe481a22". While it is unclear whether these tokens originated from the Ethereum Foundation, the funds have not been sold or moved to exchanges as of press time. The transfer occurred during a period of ETH price decline and also coincided with the launch of the Spot Ethereum ETF.

BTC retests key support level

Market analyst TradingShot said: “Bitcoin today tested the 1D MA50 (blue trend line in the chart below) for the first time since July 19, which is the highest since October 11, 2023. Important 'Breakout and Pullback' Retest This is the last time BTC retested the 1D MA50 as support following the recent breakout, following the bearish phase of the 21-month ascending channel from April 14, 2023 to September 11, 2023. , the phase started at the bottom of the previous bear cycle in November 2022,”

“Despite a slight dip below that level on the retest, it still managed to maintain a candle close above that level,” he said. level and kicked off the October 2023 to March 2024 rally. Therefore, if the same closing conditions hold, we expect a similar rally to begin, which would technically be a new bullish trend that could eventually reach 10. Psychological benchmark of $10,000. "

TradingShot said: "It must also be said that next week's Fed interest rate decision or at least hints of the September meeting will undoubtedly have a huge impact on it"

Market analyst SatochiTrader also said. Think the current weakness is temporary and think Bitcoin will start moving higher once the latest round of FUD clears up.

SatochiTrader said on the and miner news may affect the market temporarily, but not permanently."

He added that the outlook for Bitcoin remains "positive and could rise to $74,000 over time."

L'utilisateur de TradingView, The_ForexX_Mindset, a exhorté les traders à rester calmes malgré la récente vente massive, car les données techniques suggèrent que Bitcoin va bientôt augmenter.

Il a déclaré : « Ne paniquez pas, TA savait exactement ce qui allait se passer ensuite, de nombreux commerçants vendaient en mode panique. Une fois cela terminé, les règles générales reviendront à la normale. Ceux qui ont l'ALTS, le prix reviendra. Beaucoup de gens vendent par peur. La cupidité reviendra.

Et l'analyste de marché Rekt Capital a déclaré que Bitcoin est maintenant en train de retester le niveau de 65 000 $.

Il a déclaré : « Une clôture quotidienne au-dessus de 65 000 $ (bleu ci-dessus) est maintenant nécessaire pour que le nouveau test réussisse et maintienne le prix dans la zone de 65 000 à 71 500 $ (rouge ci-dessus) »

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