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By CryptoSaint · Posted
Let’s take a closer look at Ethereum’s recent market performance and what traders are expecting next. Current Ethereum Price & Market Overview Current Price: $2,364.72 Market Cap: $9.42 billion Ethereum price has been moving within a defined range, holding support at $2,250 and facing resistance at $2,490. Traders are closely watching these levels to gauge the next move. Ethereum’s Performance vs Bitcoin Ethereum hasn’t seen as much enthusiasm around spot ETFs as Bitcoin. Data from Glassnode highlights that: Bitcoin ETFs account for 8% of the spot volume. Ethereum ETFs contribute just 1% of the spot volume. This indicates that while both cryptocurrencies have ETFs, Bitcoin is clearly benefiting more from their introduction. Macro Impact on Ethereum: Inflation and Interest Rates Recent inflation data came in higher than expected, dampening hopes for a 50-basis-point rate cut at the upcoming FOMC meeting. Initially, this economic news affected the entire crypto market. Ethereum briefly dropped, but it managed to bounce back to the mid-$2,300s by market close. Bitcoin also recovered and was trading just shy of $58,000, though it's still down 0.47% for the week and 1.89% since the start of September. Traders Are Bullish on Ethereum According to CoinGlass, there’s growing confidence in Ethereum’s upward momentum: 58.15% of top traders are holding long positions, while 41.85% are short. The Long/Short ratio is currently at +1.392, which signals a bullish outlook. This data suggests that traders believe Ethereum is poised for an upside rally in the coming days. Rising Open Interest Signals Positive Momentum Another key indicator of bullish sentiment is the increase in Ethereum futures open interest: Open interest has gone up 2.3% in the last 24 hours. This marks the fourth consecutive day of rising open interest, indicating that more traders are betting on higher prices. Analyst Predictions: Is $4,400 Next? Crypto analyst Kaleo has shared an optimistic forecast for Ethereum. According to him, the current price patterns indicate a possible move up to $4,400. He sees the formation of a local bottom as a strong indicator of this potential rally. What’s Next for Ethereum? Support Level: $2,250 Resistance Level: $2,490 With bullish sentiment among traders and a positive technical setup, Ethereum could be gearing up for a significant rally. Keep an eye on the key support and resistance levels as the market continues to evolve. Final Thoughts Ethereum has shown resilience despite recent economic headwinds. With traders leaning towards long positions and open interest on the rise, the outlook appears positive for the cryptocurrency. Stay tuned for further developments, as a breakout could be on the horizon. -
By tradinglounge · Posted
Elliott Wave Analysis TradingLounge Daily Chart, NEO / U.S. dollar(NEOUSD) NEOUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective Position: Wave Y Direction Next higher Degrees: Wave (II) of Impulse Wave Cancel invalid Level: 9.85 Details: Wave (II) is likely to have ended and prices are resuming the uptrend. NEO / U.S. dollar(NEOUSD)Trading Strategy: It looks like the wave (II) correction is complete and the price is still likely to move up. Look for an opportunity to join the wave (III) uptrend. NEO / U.S. dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, NEO / U.S. dollar(NEOUSD) NEOUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective Position: Wave Y Direction Next higher Degrees: Wave (II) of Impulse Wave Cancel invalid Level: 9.85 Details: Wave (II) is likely to have ended and prices are resuming the uptrend. NEO / U.S. dollar(NEOUSD)Trading Strategy: It looks like the wave 2 correction is complete and the price is still likely to move up. Look for an opportunity to join the wave 3 uptrend. NEO / U.S. dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
Stock Market Indices Overview: S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200 - Featuring Elliott Wave Technical Analysis Our latest analysis focuses on the key global stock market indices, including the S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, and ASX 200, through the lens of Elliott Wave Theory. This approach provides insights into market trends, helping traders identify potential setups for both entry and exit points across these major markets. Elliott Wave Analysis for Major Indices: As we approach the upcoming Federal Reserve meeting in just six days, all eyes are on the U.S. economy. The upcoming PPI (Producer Price Index) figures represent the final significant economic data point that the Federal Reserve will consider before making its next rate decision. The market's reaction to this data could set the tone for how the major indices move in the short term. At present, I am analyzing two possible wave counts for the indices: 1. Wave (2) Low in Place: This scenario suggests that the corrective wave has completed, and the market is now poised to rally higher. 2. Wave (2) Not Yet Complete: Alternatively, there is still room for further downside before Wave (2) concludes. Currently, I lean toward the bullish scenario, as the price action in leading stocks like Amazon (AMZN) and Microsoft (MSFT) suggests underlying strength in the broader market. However, I remain flexible in my outlook, awaiting further confirmation from key market movements and the PPI data to finalize this wave structure. Video Chapters 00:00 SP 500 (SPX) 08:17 NASDAQ (NDX) 11:54 Russell 2000 (RUT) IWM ETF 13:03 DAX 40 (DAX) 16:13 FTSE 100 UKX (UK100) 17:23 S&P/ASX 200 (XJO) 22:39 End Analyst Peter Mathers TradingLounge Source: tradinglounge com
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