Macro Overview
- US CPI :The US CPI year-over-year remained neutral, while the month-over-month CPI increased from 0.2% to 0.3%, slightly above expectations. Despite the mildly negative data, the market remained stable, indicating resilience.
- US PPI :The US Producer Price Index (PPI) month-over-month came in higher than expected, which is negative from a data perspective. However, the market showed resilience and remained stable despite some volatility following the data release.
- ECB Press Conference: The European Central Bank (ECB) cut interest rates to 3.5% as the Eurozone economy faces challenges. This decision is seen as positive for the overall market.
- US Unemployment Claims: The claims came in almost in line with expectations, presenting a neutral outlook for the crypto market.
Crypto Markets Overview
Top Tokens Update
- Grayscale Trust Fund Sparks Ripple ETF Talk; XRP Price Up 5%: Grayscale has introduced the United States’ first Ripple Trust Fund, providing accredited investors with direct exposure to XRP, the token powering the XRP Ledger. This move offers new investment opportunities for those looking to tap into XRP’s market potential. Grayscale’s expanding presence in the crypto space has fueled speculation about a potential Ripple ETF. Following the announcement, Ripple’s price surged by 5.2%, hitting a multi-week high of $0.59, reflecting renewed investor interest.
- Tokenized Real-World Assets Market Value Exceeds $12B: Binance Research reports that the market value of on-chain real-world assets (RWAs), excluding stablecoins, has surpassed $12 billion. This growth reflects increasing investor interest in blockchain-based tokenization of traditional assets like real estate, government bonds, and carbon credits. Tokenization enhances market liquidity, enables fractional ownership, and simplifies trading and settlement processes.
- SUI Outperforms Crypto Market Post-Consensus Upgrade and Grayscale Trust Launch: SUI has surged 30% this week, driven by two main factors: the upgrade to the Mysticeti consensus protocol for faster transactions and the launch of Grayscale’s SUI Trust Fund, offering investors direct exposure to SUI. Additionally, SUI’s Total Value Locked (TVL) has risen over 9% to $720.97 million, outpacing other chains.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Sep-18 | 11:30 PM | US Federal Funds Rate | Actual’ less than ‘Forecast’ is good for crypto |
| Sep-19 | 12:00 AM | US FOMC Press Conference | More dovish than expected is good for crypto |
| Sep-19 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- This week, BTC dipped below $53K but quickly recovered, ending the week in positive territory. The price action looks bullish, with potential upward momentum towards $62K where high liquidity is concentrated. Despite neutral to mild macro data, BTC showed resilience. Next week’s Fed funds rate announcement will be crucial and could introduce more volatility.
- Key support levels to consider are around $56000, $54500 and $52650. On the upside, resistance levels is at $59650 & $61600.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears bullish.
- ETH has underperformed BTC this week with choppy price action. For the upcoming week, if ETH breaks above key resistance at $2,385 and the 20D EMA, a 5-10% upside move is possible. The outlook remains bullish, but will also depend on the overall market and the Fed’s funds rate decision.
- Significant support levels include $2325 and $2190, while resistance levels to watch are at $2385, $2425 and $2550.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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